Gold pushed lower from $1,900

Gold prices experienced a major bearish pressure from the $1,900 handle. The bearish movement could be attributed to the shift of sentiment in the U.S dollar. Yesterday, the ADP non-farm employment recorded strong numbers. The data released is a proxy toward today’s unemployment and NFP data.

It seems traders placing weight on strong numbers and a high chance for the Fed to unroll the loose economic policies. If gold prices continue its bearish movement then traders will observe the price reaction near the $1,850 and the daily SMA 200.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $2,000

Silver closed below trendline and $27.50

The bullish scenario in silver prices paused after the previous day’s major bearish close. Silver prices closed below $27.50 and the trendline. If the bearish pressure continues to add up then the price could continue lower to target the $25.00 – $26.00 area again. Long positions could be taken near the area when there is a major bullish reaction.

Today Critical levels to watch:

Support: $27.00, $26.00, $25.00, $21.35, $20.00

Resistance: $29.00, $30.00, $31.50

Crude oil continue toward $70.00

Despite the bearish reversal in major U.S dollar counterparts, there is no change in the crude oil prices. The price is expected to continue moving upward and test the $70.00 resistance level soon. Traders will observe closely the price reaction near the resistance level.

Today critical level to watch:

Support: $67.20, $65.00, $60.00

Resistance: $70.00