Gold triangle consolidation

Gold prices have not continued their increase and are currently experiencing a bearish correction. The pattern that appears to be forming is a triangle pattern and is likely to bring the gold price to trading sideways for now. Traders will wait for the price to fall further to reach the support point for short position opportunities. Although the current situation looks neutral and entering a bearish correction phase. Traders will maintain long-term bullish sentiment.

Today’s critical levels to watch:

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

Resistance: $2,069, $2,074

Silver close below the trendline

Bearish pressure on silver prices seems to have broken through the support trendline and also reached $23.00. The price is likely to move flat near the $23.00 mark for now. If the price can move up immediately and return above the trendline then there is a chance of continuation of the bullish trend. However, if the price falls and forms a lower swing low then the bearish situation may continue for a while.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil triangle consolidation

Crude oil prices formed a triangle pattern near the $70.00 point which indicates doubts about the continuation of the bearish trend. However, there is no strong confirmation that the direction of movement will change shortly. Consolidation is likely to occur and traders will wait for the formation of a higher swing high or lower swing low to confirm the direction of the next movement.

Today’s critical level to watch:

Support: $70.00

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