Gold bearish close

Gold prices had jumped up at the end of last week, but prices did not continue their strengthening yesterday and instead closed bearishly. This bearish close wiped out all of Friday’s gains meaning the situation could turn bearish again. If the price moves down then the green box area is a place where consolidation will continue. As long as there is no close below this area, gold prices still have the opportunity to continue their bullish movement.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver slight bearish movement

Silver prices bounced down from $31.50 and erased part of Friday’s gains. The price seems to be consolidating below the $31.50 level for the time being. If the increase can continue and there is a close above $31.50 and a higher swing high point is formed then the bullish trend can continue immediately. A decline is still possible to $29.00 where traders can still use that point as a place to add long positions.

Today’s Critical levels to watch:

Support: $30.00, $26.00, $25.00, $23.90, $23.00

Resistance: $31.50, $35.25

Crude oil moving toward $80.00

The rejection from the resistance point of $83.85 caused crude oil prices to move lower. This weakness has the potential to reach the $80.00 mark and traders will watch the reaction of the price. If the price reaches this point and gives a bullish reaction, traders can enter a long position. Meanwhile, if an upward reversal occurs and a close is formed above $83.85 then crude oil prices can immediately continue their bullish movement.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $83.85, $85.00, $90.00