Gold further bearish correction

Gold prices have succeeded in forming a higher swing high point but now the price is moving down and making a bearish correction. This decline has the potential to reach the green box area on the daily chart. Still the same as before, traders will wait for a bullish reaction at the support point for the opportunity to add to long positions. As long as the price continues to form higher swing high and swing low points, the bullish trend will continue.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver stick near $29.00

The decline in silver prices has reached the $29.00 mark and now the price seems to be trying to consolidate near that point. For now, traders will wait for further reaction. If the price can bounce up then consolidation between $29.00 – $31.50 can take place. Meanwhile, a close below $29.00 would take the price further down toward the $25.00 – $26.00 area.

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 testing $80.00

Bearish pressure occurred on the price of crude oil which brought the price down to $80.00. The test is underway near the $80.00 mark for now where there is a chance of further decline towards the $77.13 mark. If the price can give a bullish reaction at $80.00 or $77.13 then traders can use this opportunity to enter a long position. Consolidation will still take place between the $80.00 – $83.85 area for now.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $83.85, $85.00, $90.00