Gold bounce reaction

Gold prices were under bearish pressure and managed to bounce from the broken trendline yesterday. However, it might be a temporary reaction only as the price continues under bearish pressure today. Will the price turn upward and resume the bullish trend? Alternatively, will it continue under bearish pressure and retest the trendline again before the next movement?

Today’s critical levels to watch:

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

Resistance: $2,685, $2,750, $2,800, $2,841

Silver testing $30.00

The movement of silver prices is limited inside the $29.00 – $30.00 area and currently the price is testing the top of the range. It might continue consolidating inside the area for now and traders will wait for a close outside of the range. When the price could close outside of the range then traders will get confirmation on the next direction of silver prices. Meanwhile, traders will continue assuming that the price will stay inside $29.00 – $30.00.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil bearish close

After climbing for several days, crude oil prices printed their first bearish close yesterday. The price might be reacted on the $75.00 level and might continue the bullish movement. However, if crude oil prices turn lower then traders could wait near $70.00 or the latest swing high for a chance to add long positions. We think the price could continue the bullish movement toward $77.13 resistance level to test it.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85