Gold bearish continuation

Gold prices moves lower with strong momentum today. It looks like the price breakout below the support treeline and entering the green box area. No change to the outlook yet, as long as the price could maintain the position inside the box area, then there is chance of bullish reversal. Traders will continue use the green box area as a place to add long positions. Under current situation, traders will wait until the bearish movement lost pressure and make a bullish close before deciding to add long positions.

Today’s critical levels to watch:

Support: $3,250, $3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver testing previous swing high

Silver prices under bearish pressure and currently trading near the previously broken swing high. There is no bullish sign yet, which suggest bearish follow-through. Traders will monitor the price reactions near the current level for now. When the price stop moving lower and stabilize, traders could start entering long positions. Otherwise, a breakout below $35.25 is an initial bearish confirmation.

Today’s critical levels to watch:

Support: $35.25

Resistance: $38.80, $40.00

Crude oil bullish continuation

Crude oil prices climb above the $70.00 level, which might confirm the bullish continuation. However, the price has not made a daily close yet. If the price turn lower before the weekly close, then there is chance of bearish attempt to print a new lower swing low. Otherwise, if the bullish breakout confirmed, then the price could climb toward $77.13.

Today’s critical level to watch:

Support: $65.00, $60.00, $52.4

Resistance: $67.20, $70.00, $77.13