Gold start a new bearish leg?

Gold prices trading lower today after yesterday’s new higher high. The price might be set to start a bearish correction to test the $1,900 and $1,850 levels. When the price manage to reach the level, traders will use the chance to enter long positions on bullish reactions.

Today’s critical levels to watch:

Support: $1,900, $1,850, $1,800, $1,780, $1,700

Resistance: $1,950

Silver limited between $23.00 – $23.90

Despite the bullish pressure in silver prices, it seems the price continues limited between the $23.00 – $23.90 area. There is no major breakout and close outside of the range which means the consolidation will continue. Traders might want to continue monitoring the price movement now with a bullish bias. Long positions could be taken at $23.00 or $21.35 when the price manages to reach it and form major bullish reactions.

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35

Resistance: $25.00, $26.00

Crude oil moving toward $77.13?

Crude oil prices printed a bearish close yesterday which might become a bearish confirmation toward the $77.13 support level. If the price reach the level and form bullish reactions then traders could enter long positions. However, if a close below $77.13 happen and a new lower low formed then the bearish trend set to continue.

Today’s critical level to watch:

Support: $77.13, $70.00

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