Gold inside green box area

A very strong bearish close occurred at the end of last week and brought gold prices into the green box area. Even though it is bearish, there is no continuation of the downward movement in today’s trading. Traders will still be careful and observe gold price movements within the area. If there is a close below this area then the decline may continue with the $2,146.6 point as the downside target.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver bounce from the level near $29.00

The bearish correction that occurred in silver prices almost reached the $29.00 mark and with strong bearish momentum. For now, the bullish reaction that is occurring is likely only a temporary reaction. Traders will be watching the price move near the $29.00 mark for now. If the decline continues then the $25.00 – $26.00 area could become a downside target.

Today’s Critical levels to watch:

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

Resistance: $31.50, $35.25

Crude oil testing $77.13

Crude oil prices have returned to near $77.13 and will now test it. If the price can continue rising and then form a higher swing high point then the bullish trend can start again. However, if a strong bearish rejection occurs then the price will try to continue weakening towards the $70.00 level.

Today’s critical level to watch:

Support: $70.00

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