Gold looking to test $4,250
Gold prices have staged strong bullish reaction near the $4,000 level, and now it’s getting near the $4,250 level. We expect the price to stall or wick above it and continue to maintain bearish view. On the upside, aside from the $4,250, there is bearish trend line to watch. When the price loses upward momentum, form bearish reactions, traders could enter short positions targeting $4,000 and lower.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver might retest $70.00
Silver prices extend its gain today after the bullish engulfing pattern yesterday. The price might continue the recovery up to the $70.00 level where traders will observe reactions. When there is strong bearish reactions, traders could enter short positions. We still expect the price to continue lower to target the $54.00 and $50.00 level.
Today’s critical level to watch:
Support: $64.00, $54.00, $50.00
Resistance: $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil more bearish pressure
Crude oil prices trading at the lower part of the green box area or the $85.00 level. News might come out and the price could either bounce sharply or break lower. On the lower side, if break lower happen, then the $80.55 swing low is the level to watch. If the price bounce upward, then the $85.00 – $95.00 range maintained.
Today’s critical level to watch:
Support: $85.00, $80.00, $77.13
Resistance: $90.00, $95.00, $100.00, $110.00