Gold bearish reaction

The bullish movement of gold prices experienced rejection yesterday after testing the previous swing high. Fortunately, the bearish reactions were much milder than the previous drop. If gold prices could stabilize near the current level and erase the losses, then the price could continue the bullish trend. On the lower side, if the price falls and prints a new lower swing low, then we might see another retest in the $2,530 – $2,550 area.

Today’s critical levels to watch:

Support: $2,685, $2,600, $2,550, $2,530

Resistance: $2,750, $2,800, $2,841

Silver bearish reaction from $31.50

Silver prices made a bearish close with moderate momentum yesterday. The price might attempt to extend the bearish movement to target $30.00. After the bearish close yesterday, the price might continue the move inside the $30.00 – $31.50 range. Traders will wait for further confirmation. Will the price breakout lower to reverse the bullish trend?

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil testing $70.00

No breakout and close outside $67.20 – $70.00 with strong momentum yet. Crude oil prices are trading near the top of the range and might provide traders with the chance to take short positions. Until a breakout and close outside of the range happen with strong momentum, traders will continue to use the chance to do range trading.

Today’s critical level to watch:

Support: $67.20, $65.00

Resistance: $70.00, $77.13, $80.00, $83.85