Gold continue lower

The bullish movement of gold prices could not reach the top of range and start moving lower again. It might move lower to target the green box area. We maintain bullish outlook and will wait the price to reach the green box area for a chance to add long positions. Traders who want to enter long positions will place a stop order below 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 lower low

The downward movement of silver prices finally printing a new lower low. It might continue lower to target $35.25 support level. On the chart, we could see a triangle pattern formed, and the price might consolidate inside it for now. Traders could use the triangle range to take positions or wait until breakout / fake breakout happen. We maintain a bullish outlook and will use the current bearish movement as a chance to add long positions.

Today’s critical levels to watch:

Support: $35.25

Resistance: $38.80, $40.00

Crude oil stay below box area

Crude oil prices hovering below the green box area without continuation / reversal confirmation. We might see the price continue the consolidation for now until the Fed Jerome Powell speech this week. The next movement might happen after the speech. Technically, we favor a bearish scenario toward $60.00. However, a bullish close above the green box area will cancel the bearish outlook.

Today’s critical level to watch:

Support: $60.00, $52.4

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