Gold high volatility movement

Gold prices tried to continue strengthening in today’s trading but the movement seemed to have high volatility where there was a decline below the daily opening point. Prices will likely hover near $2,500 until the weekly close. Traders will wait for the weekly close for further confirmation of the direction of the next movement. In the current position, there has been no change in strategy where traders can use every drop in price as an opportunity to enter a long position.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver bearish rejection from $29.00

Silver price continues to make a bullish attempt at $29.00 but there is a bearish rejection now. The consolidation near the $29.00 level will continue and the direction of the movement after that is still not determined. The longer the price is held below the $29.00 point, the greater the chance of a further decline to the $25.00 – $26.00 area. However, traders will continue to maintain a bullish scenario and take advantage of declines as opportunities for long positions.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil bearish continuation

The upward surge in crude oil prices did not last as prices closed bearish yesterday and continued their weakening today. The price managed to fall below the low point of the bullish candlestick, then the trend direction returned to bearish. The previous swing low and the $70.00 point will be the downside targets that traders are watching. The success of the price forming a lower swing low point will be a strong bearish confirmation.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $83.85, $85.00, $90.00