Gold closed below $1,700

The situation on gold prices turned bearish again as the price close below $1,700. At the current time, gold prices expected to consolidate inside the $1,680 – $1,700 area. If there is a lower low printed below $1,680 then gold might start a medium-long-term bearish trend. A higher-high above Monday high needed to cancel the bearish outlook.

Today critical levels to watch:

Support: $1,680, $1,650

Resistance: $1,700, $1,750, $1780

Silver closed inside $17.50 – $17.73

The bearish movement of silver continues yesterday and the price close below $17.73. No breakout below $17.50 yet which means there is a chance for the price to bounce and continue its bullish trend. Traders will observe the price reaction inside the $17.50 – $17.73 range.

If the price makes further weakness below $16.80 then traders might need to prepare for the start of a medium-long-term bearish trend.

Today Critical levels to watch:

Support: $17.50, $17.00

Resistance: $17.73, $18.00, $18.50

Crude oil formed bearish pin bar

A bearish pin bar pattern formed in the previous trading day after the price reach $38.50. It could mean the price will start a bearish correction with $33.00 as a target. However, no breakout confirmation yet below the pattern. We think the price still has chance to continue its upward movement and close the gap around $40.00.

Today critical level to watch:

Support: $33.00,$30.00

Resistance:  $40.00