Gold continues moving lower?

Gold prices stopped continuing their bearish movement today with an increase. However, gold prices have the opportunity to continue their weakening towards the green box area where an upward bounce is expected to occur. As long as the price is above the green box area, the trend direction of gold prices is still bullish. For now, the price needs the formation of a higher swing low point to confirm the continuation of the bullish movement.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver bearish continuation

Silver price fell below the $29.00 mark and will now continue its weakness towards the $25.00 – $26.00 area. There has been no strong bullish reversal reaction so there is no confirmation to enter a long position. If silver prices can move up and close above $29.00 then the direction of movement can change to bullish again. Traders will wait for developments in price movements ahead of the Fed’s announcement next week.

Today’s Critical levels to watch:

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

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil keeps testing $77.13

Bearish pressure is still being experienced by crude oil prices which are now testing the $77.13 point. If the price continues to weaken and closes bearishly below yesterday’s low then the bearish trend may continue. At the bottom, the formation of a lower swing low point will confirm the continuation of the long-term bearish trend. A bounce from $77.13 and a close above $80.00 could confirm an initial bullish reversal.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $83.85, $85.00, $90.00