Gold bearish reaction from $1,900
The test on $1,900 produced a bearish close yesterday and there is bearish follow-through today. Gold prices resume its bearish pressure and might target the $1,850 support level also daily SMA 200. There is no conclusion yet on where the price will move next, traders will continue waiting for the market reaction toward inflation data today.
If gold prices could reverse the current bearish pressure and close above $1,900 then traders will expect a bullish continuation.
Today critical levels to watch:
Support: $1,850, $1,800, $1,780
Resistance: $1,900, $1,950, $2,000
Silver flat near $27.50
Traders are waiting for the release of U.S inflation data today. Depend on the result, silver prices could either bounce from $27.50 and continue its bullish trend or start another bearish correction toward $25.00 – $26.00. It is better to wait until the release of data and monitor the closing level of silver at the end of the day.
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 stick near $70.00
There is a bearish reaction yesterday at the $70.00 resistance level. However, no bearish follow-through today in crude oil prices. If a bearish correction happens then crude oil prices might move lower and target the yellow box area. Traders could add more long positions near the level when the bearish pressure dissipates. Meanwhile, it is also possible for crude oil prices to continue its bullish movement above $70.00 without bearish correction.
Today critical level to watch:
Support: $67.20, $65.00, $60.00
Resistance: $70.00, $77.13