Gold bearish reactions

The price of gold closed higher yesterday as the market reacted bullishly toward the Fed FOMC minutes of the meeting. However, the optimism was erased today after stronger-than-expected ADP data. Gold prices move with strong bearish momentum and might continue lower to target the $1,780 – $1,800 area. Traders will use the chance to enter long positions at a lower level when there are bullish reactions.

Today’s critical levels to watch:

Support: $1,800, $1,780, $1,700

Resistance: $1,850, $1,900

Silver bearish pressure toward $23.00

The consolidation of silver prices near $23.90 seems to have a conclusion already. The price moves lower with strong bearish momentum and soon will reach the $23.00 level. Traders will continue to observe the price reaction near the level. If the price could form a major bullish reaction then traders could enter long positions. On the other hand, further weakness below $23.00 could bring the pair down to test the $21.35 support level.

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35

Resistance: $25.00, $26.00

Crude oil moving toward $70.00

The bearish trend of crude oil prices continues below the $77.13 support level. Crude oil prices now will target $70.00 support level where traders will monitor the reaction. If the price could maintain the position above the level and no lower low printed then traders could enter long positions. On the upside, $77.13 will act as the resistance level when the pair start a bullish recovery.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $85.00, $90.00, $95.25