Gold major bearish pressure

Gold prices weakened, following the weakening of the U.S. dollar index and also the stock market. All instruments are still pointing in the same direction so the next direction of movement cannot be determined. Will the selling pressure on gold prices subside before reaching the Fibonacci Retracement point? Or will the gold price break below this point and continue its bearish situation? For now, the long-term trend of gold prices is still bullish and as long as the decline does not make the swing low point lower then there is a chance of a bullish bounce.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver target $25.00 – $26.00

Selling pressure on silver prices resumed with a bearish bounce from $29.00. The price fell and formed a lower low so now there is a chance for the price to reach the $25.00 – $26.00 area. As long as the price does not form a lower swing low point, there is still an opportunity for the price to bounce up and continue the bullish trend. However, if the price falls and manages to form a lower swing low point then the bearish situation will continue.

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 has more bearish movement

Bearish pressure continues on crude oil prices which have formed a lower low today. The price also formed a lower swing low point so there is a chance of a decline towards the $70.00 level. The trend turns bearish, so long positions should wait for the price to reach the $70.00 point and form a strong bullish reaction. If there is an increase then the $77.13 point is a resistance point that needs to be paid attention to.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00