Gold bearish test

The latest release of PPI data spread fear on the market and cause U.S. dollar index to trade upward. However, it might be a short-term impact as gold prices defended the Tuesday low. No new lower low and the price slowly recovering. If gold prices could turn upward before the weekly close, then the bullish movement could continue. On the other hand, if the bearish pressure continues, then we could expect another test on the green box area.

Today’s critical levels to watch:

Support: $3,350, $3,250, $3,200, $3,150

Resistance: $3,400, $3,500

Silver bearish pressure

Silver prices undergo bearish pressure today, but we could say it maintains the position above previous day’s low. No breakout lower, which mean no bearish continuation yet. However, the day has not closed yet and traders better monitor the daily & weekly close. We maintain bullish outlook and will observe $37.475 level. A close below the level might put into consideration of weakness toward $35.25.

Today’s critical levels to watch:

Support: $35.25

Resistance: $38.80, $40.00

Crude oil bullish correction

After consecutive bearish closes on crude oil prices, it seems the bear losing the power and price start trading upward today. The price will test the green box area, specifically the $65.00 level. If the price stay below the box area and show strong bearish rejection, then traders could expect downward movement to target $60.00.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13