Gold touched March low
Gold prices gaining more bearish pressure and fall below the $4,250 level. It has reached the March low where bounced happen previously. It seems the bear will swipe below the level and either continue downward to target $4,000 or make another bullish bounce. For now, the bear is fully in control and there is no bullish sign yet. It is better to stay sideline or continue hold short positions to target $4,000. On the upside, a close above $4,250 could be the sign of pause or short-term bullish reversal.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver moving down as planned
Silver prices continue the downward movement below $70.00 and soon will test the previous two lows printed in February & March. We might see reactions and another bounce, but it could also break lower and finally move toward the $54.00 & $50.00 target. Under current situation, traders will maintain bearish view for now and use bullish correction toward $70.00 as chance to enter short positions.
Today’s critical level to watch:
Support: $54.00, $50.00
Resistance: $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil back to $90.00
Crude oil prices stage a rally after Trump pledges more attack on Iran. As we mentioned, crude oil prices range is between $85.00 – $110.00 and whenever the price getting near either side, some event could happen. As the price return to $90.00, traders will stay watchful, traders could use the $85.00 – $110.00 range to apply ranging strategies.
Today’s critical level to watch:
Support: $85.00, $80.00, $77.13
Resistance: $90.00, $95.00, $100.00, $110.00