Gold looking for bounce

Gold prices have broken above the flag pattern, which is bullish. However, there is no bullish continuation yet, as the price turn lower to retest the broken trend line. We maintain bullish view on the gold prices and expect bullish bounce will happen. However, if the bear continue pressuring the price lower, then the bottom of green box area will become the best place to look for long positions.

Today’s critical levels to watch:

Support: $3,250, $3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver to target $40.00

Silver price’s bullish trend has not stopped yet, the price might stall today, but it is mostly stable on the upside. If the price turn lower, then the $35.25 level is the support level to watch. Traders better avoid shorting the price as it might continue upward and disregarding all bearish signal for now. However, when the price reaches 161.8% Fibonacci extension time, then it might be the best time to take partial profit.

Today’s Critical levels to watch:

Support: $35.25

Resistance: $38.34, $40.00

Crude oil bearish rejection

Crude oil prices extending the bullish movement above $65.00 level today and experience bearish rejection at the top of green box area. Traders will observe the price movement after rejection. If there is no major bearish continuation, then traders could wait for the price to stabilize before continuing the bullish movement.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13