Gold major bearish correction

In the previous bearish correction, gold prices bounced from the level near $1,850 and formed a major bullish close. There is another bearish correction after the test on $1,900 and this time a lower low printed. It seems gold prices might reach $1,850 and the daily SMA 200 to test both levels.

Traders will wait for a reaction from the level to determine the precious metal’s next direction.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,950, $2,000

Silver triangle consolidation

Silver prices seem moving in a triangle consolidation once again. The price got rejected from the top of the triangle pattern and almost reach the $27.50 support level. We still think the price will continue its bullish trend toward $30.00 and $31.50. At the current time, traders will continue to hold long positions with stops below the previous swing low.

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 continue climbing slowly

The situation in the global market does not affect crude oil price movement. The price continues its bullish movement slowly climbing above the $70.00 handle. Without any major change in the price movement, there is nothing traders will do for now aside from continuing to hold long positions.

If the price started a bearish correction then $70.00 is the level to watch for a bounce.

Today critical level to watch:

Support: $67.20, $65.00, $60.00

Resistance: $70.00, $77.13