Gold turned lower

The bullish pressure on gold prices has subsided and prices have reversed downwards. Currently, the price has fallen below the low point of Tuesday’s candlestick which indicates that almost all of the gains that occurred have been erased. If the weakness continues and the price falls below Monday’s low then there is a risk of further decline in next week’s trading. Meanwhile, if the price can reverse upwards and close near its opening point today then the bullish movement can continue.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver target $29.00

Silver prices bounced down from $31.50 and prices have been moving lower since then. If the decline continues and nothing changes then the price will reach the $29.00 point shortly. Traders will be watching the reaction of the price near the $29.00 mark for the time being. If a strong bullish bounce occurs then traders can enter long positions. A drop below $29.00 and the formation of a lower swing low will open the door to a deeper bearish correction.

Today’s Critical levels to watch:

Support: $29.00, $26.00, $25.00, $23.90, $23.00

Resistance: $30.00, $31.50, $35.25

Crude oil ranging between $80.00 – $83.85

The movement of crude oil prices looks sideways in the $80.00 – $83.85 area. There is no strong confirmation yet for the direction of the next movement. Traders will wait for the price to move out of the area to confirm the direction of the next movement. While the price is still moving sideways, traders can continue to use this area for range trading with a bullish tendency.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $83.85, $85.00, $90.00