Gold bearish correction

The trend of gold prices is still bullish with an upward target for the formation of a new record high point. For now, the price is experiencing a bearish correction and is likely to reach the $2,000 mark. Traders will wait for the price to reach that point and give a bullish reaction for the opportunity to enter a long position. As long as the price continues to form higher swing high and swing low points, the direction of the trend is still bullish.

Today’s critical levels to watch:

Support: $2,000, $1,950, $1,900, $1,850, $1,800

Resistance: $2,069, $2,074

Silver trade triangle consolidation

The increase in silver prices did not form a higher swing high point. Currently, the price is under bearish pressure and has the risk of forming a lower swing low point. Broadly speaking, silver prices are now in a triangle pattern and a breakout from this pattern could be confirmation of the next direction of movement.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil bounce from $70.00

A bullish reaction occurred in today’s trading in crude oil prices. A fairly strong bounce is seen at $70.00 and has the potential to start a new bullish movement. Crude oil prices appear to be forming a higher swing low point at this time. However, there is no higher swing high point yet so the situation is still neutral. If the price then continues to weaken and forms a lower swing low point then there is no change to the bearish trend.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $85.00, $90.00