Gold is looking to retest $1,900

The ADP non-farm employment data that was released exceeded expectations so now the market is again speculating that an increase in interest rates could occur this month. The numbers released today were 2x higher than expected at 497k vs. 160k. There is a possibility that the price may still move down below the $1,900 point towards the daily SMA 200 and $1,850. Traders will wait for the price to reach the support level and produce a bullish reaction for the opportunity to enter long positions.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950, $2,000, $2,069, $2,074

Silver bearish rejection from $23.00

Silver prices have been under bearish pressure today and are bouncing down from $23.00. It seems that the silver price still has a chance to move down towards the $21.35 point and traders should now wait at that support point. When the price reaches the support point and there is a strong bullish reaction, traders can enter long positions.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil moves down toward $70.00

The price of crude oil has moved above the $70.00 point but is now experiencing bearish pressure again. This bearish pressure came after the release of the U.S. ADP data which is far above expectations. With these strong figures, the Fed might affirm their decision to raise interest-rate again.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00