Gold more bearish pressure

After the rejection from the $1,950 resistance level, gold prices continuously moving further lower. The price closed near the $1,850 support level last week. This week, the price opened lower and continue its weakness below $1,850 also the daily SMA 200.

If there is no change to the bearish situation then traders will expect gold prices to test the $1,780 – $1,800 area soon.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900, $1,950, $2,000

Silver closed lower

The bearish pressure on silver price managed to push the price below $26.00 and closed between $25.00 – $26.00 area. Today, the price continues its bearish pressure and breakout below $25.00. If the price closed below $25.00 and continues to add more bearish pressure then silver price trend might change to bearish.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00, $27.00, $30.00, $31.50

Crude oil reached target of $52.40

The production cut by Saudi Arabia triggers positive sentiment in crude oil. Crude oil price managed to reach $52.40 resistance level last week. At the current time, the price slightly lower and might start a bearish correction toward the $49.00 – $50.00 area. If the price reaches $49.00 – $50.00 then traders could consider entering long positions.

On the upside, the $54.50 – $55.00 area will become the bullish target.

Today critical level to watch:

Support: $50.00, $49.00

Resistance: $52.40, $54.50, $55.00