Gold recover from early sell-off

Gold price is moving lower today and currently trades under pressure. The bullish momentum from previous days is slowing down, but we could see the buying pressure still present. We expect the price will resume the bullish movement to reach new record high. However, if the price prints a new lower swing low below $4,000, it will confirm the start of a deeper correction. Under current situation, traders will avoid taking short positions.

Today’s critical levels to watch:

Support: $4,000, $3,835

Resistance: $4,200

Silver stay bullish

Silver continues to build bullish pressure today, but the price looks limited below the previous day’s high. This means the bullish momentum is present, and we might see continuation to the 127.2% Fibonacci extension target soon. No change to the strategy, traders will continue to hold long positions and place stop order below $50.00 or $52.50.

Today’s critical levels to watch:

Support: $50.00, $47.07, $44.357

Resistance: $55.00

Crude oil bearish pressure

Crude oil price is still moving inside the consolidation range between $57.60 – $60.00. The market may continue to trade sideways until there is a confirmed breakout on either side. As long as the price stays under $62.00, the bearish outlook remains in place. A move below $57.60 will confirm the bearish continuation toward $54.50 – $55.00 area. On the upside, only a close above $62.00 will invalidate the bearish view.

Today’s critical level to watch:

Support: $57.60, $55.00, $54.50, $52.4

Resistance: $60.00, $65.00, $67.20, $70.00, $77.13