Gold trading lower toward $1,680 – $1,700

The bearish movement of gold prices has not stopped yet after the close below the $1,780 – $1,800 area. Gold prices soon will reach the $1,680 – $1,700 area and traders will observe closely the reaction near the area. There will be inflation data release today in the U.S. If the inflation cools down then we might see bearish pressure on the U.S dollar and a bounce in gold prices.

However, if the inflation numbers continue to increase then the U.S dollar will continue moving bullishly and put pressure on its counterpart.

Today critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800

Silver soon will test $18.50

Silver prices slowly moving lower and not far from the $18.50 support level. The price is expected to reach the level and test it. If the price could stage a major bullish reaction then traders will expect a bounce toward $20.00 level. A close above $20.00 might indicate a bullish reversal for the medium-term.

Today’s Critical levels to watch:

Support: $18.50

Resistance: $20.00, $21.35, $23.00, $23.90

Crude oil testing $95.25

Crude oil made a bearish close with strong momentum yesterday. The close is near the $95.25 support level which might prompt further weakness in today’s trading session. Traders are waiting for the release of U.S inflation data today. We might see a reaction from the support level. If a bearish breakout and close below $95.25 happen then the trend will continue bearish.

Today’s critical level to watch:

Support: $100.00, $95.25, $90.00

Resistance: $106.00, $130.00