Gold closed inside $1,780 – $1,800

The bearish pressure on gold prices manages to push the price lower to close inside $1,780 – $1,800. If the bearish pressure continues to mount and the price closes below $1,780 or the previous swing low $1,763.97 then traders will expect long-term bearish continuation.

On the long-term, $1,500 – $1,550 is the bearish target.

Today critical levels to watch:

Support: $1,780

Resistance: $1,800, $1,850, $1,900

Silver bearish engulfing pattern

Silver price managed to climb above the previous week’s high but closed the day lower. The price formed a bearish engulfing pattern which might indicate a possible bearish reversal. At the current time, traders will continue to hold long positions as long as the pattern is not confirmed to the downside.

Today Critical levels to watch:

Support: $27.00, $26.00, $25.00, $21.35, $20.00

Resistance: $30.00, $31.50

Crude oil stick near $60.00

Crude oil prices maintain its bullish pressure and manage to close the day near $60.00. No major reaction yet from the resistance level. Traders will expect further consolidation near the resistance level. It is better to wait for a bearish correction to enter long positions and avoid short positions for now.

Today critical level to watch:

Support: $57.60

Resistance: $60.00, $65.00