Gold closed below daily SMA 200

Last week, gold prices continuously under bearish pressure at the daily SMA 200. There was no close below the level until the end of the week. Gold close below daily SMA 200 and under risk of further weakness this week. If the bearish pressure continues then traders will expect the gold price to target the $1,780 – $1,800 area next.

Today critical levels to watch:

Support: $1,800, $1,780

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

Silver closed below $25.00

We finally have a bearish close below $25.00 in the silver price. The price is expected to continue its weakness this week and test the trendline. Despite the bearish build-up, we think silver is bullish in the long-term. If the bearish pressure could push the price down to test $21.35 and $20.00 then traders could use the moment to enter long positions.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

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

Crude oil bearish engulfing pattern

Crude oil could not extend its bullish movement and reach $54.50 – $55.00 area. The price got rejected and formed a bearish engulfing pattern last week. This week, the price might continue its bearish movement and retest the $49.00 – $50.00 area. Traders could use the area for reference to enter long positions.

Today critical level to watch:

Support: $52.40, $50.00, $49.00

Resistance: $54.50, $55.00