Gold continues the bearish correction

Gold price has a weakening target in the green box area or Fibonacci Retracement level. Price movements are currently in a bearish correction phase and have the opportunity to reach that point. Traders will be watching the Fed’s announcement this week which could determine the direction of movement over the next few months. A cut in interest rates is something that has a very high chance of happening at the end of the year. If the cuts take place earlier there will be great volatility in gold price movements.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver continues toward $25.00 – $26.00?

Weakening silver prices have brought prices down below the $29.00 mark. If the price continues its weakness then the $25.00 – $26.00 area will be the next downside target. The long-term trend is still bullish, however a drop below the $26.00 mark could be an early indication that the current bullish trend is weakening. As long as the price is below the $29.00 point, the situation will not turn bullish. The longer the price stays below $29.00 the harder it is for the bullish trend to continue.

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 sticks near $77.13

Crude oil prices continue to be under bearish pressure near $77.13 for now. If the price still moves down and forms a lower swing low point, the bearish situation will continue. Meanwhile, if the price can bounce up with strong bullish momentum then there is a chance of a continuation of the rise towards $80.00.

Today’s critical level to watch:

Support: $77.13, $70.00

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