Gold further weakness

The price of gold experienced selling pressure in yesterday’s trade and made a bearish close. Today the price had moved up but now it has returned to the opening level. There is a possibility that the gold price will continue to weaken towards the $1,900 point and the daily SMA 200. Traders will now wait for the price to lose its bearish pressure and start to reverse direction for opportunities to enter long positions.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950, $2,000, $2,069, $2,074

Silver bearish continuation below $23.00

The $23.00 support point failed to be defended so now there are opportunities for further decline towards $21.35. There has been no change in strategy where traders will wait for a bullish reaction at support points for opportunities to enter long positions. However, by reaching the $21.35 point, the bullish trend might be delayed and it will take longer for the price to resume the bullish trend.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil bullish continuation

The bullish trend in crude oil prices will continue with the formation of higher swing highs today. Traders will wait for a bearish correction in the price of crude oil to add to their long positions at a lower point. Short positions are not recommended as the price continues to form higher swing highs and higher swing lows.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00, $65.00

Resistance: $85.00