Gold back under bearish pressure

The bounce from the green box area was immediately accompanied by strong selling pressure today. Gold prices moved down below the low point that has been formed in recent weeks. Price also entered the green box area, which means consolidation will take place within that area. For now, no lower swing low point has been formed so the medium-term bearish trend is still not confirmed. If the price can immediately bounce up with strong bullish pressure then it will invalidate the bearish scenario.

Conversely, if the gold price moves down below the green box area and a lower swing low point is formed, the price will start a deeper correction toward $2,146.6

Today’s critical levels to watch:

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

Resistance: $2,400

Silver turn lower

After the price reached $31.50, it turned out that there was a very strong bearish bounce so all the gains that occurred this week were immediately completely erased. The price has a chance to fall towards $29.00 or even lower to test the current support points. When the price can give a bullish reaction at the support point, traders can use this opportunity to enter a long position.

Today’s Critical levels to watch:

Support: $30.00, $26.00, $25.00, $23.90, $23.00

Resistance: $31.50, $35.25

Crude oil upward movement toward $77.13

Of all the US dollar counterparts, the price of crude oil has not changed much. It seems that the price will continue its upward movement towards $77.13. Thus, there are no changes to the strategies that traders can apply. Traders will wait for the reaction from the $77.13 point. If a strong bearish reaction occurs then traders can enter short positions. Meanwhile, a close above $77.13 and the formation of a higher swing high would be confirmation of a bullish reversal.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00