Gold bearish close below $1,780

The bearish pressure on gold prices continue yesterday and produce a bearish close below the $1,780 – $1,800 area. If the price continues its bearish movement and maintains a close below $1,780 at the end of the week then traders will expect further bearish continuation toward $1,700.

At the current time, the price is supported by $1,780 and attempting to move upward above $1,800. A close above $1,800 will open the chance for a bullish bounce next week.

Today critical levels to watch:

Support: $1,780

Resistance: $1,800, $1,850, $1,900

Silver closed below $26.00

Silver prices moved lower with strong bearish momentum and managed to close the day below $26.00. Currently, the price is trading at $25.00 – $26.00 area and looking to bounce from it. There is a bullish reaction today where and traders will continue to observe the price reaction for now. If the price could erase most of the losses incurred yesterday then traders could expect a bullish bounce toward $27.50.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35, $20.00

Resistance: $27.00, $29.00, $30.00, $31.50

Crude oil supported at $70.00

Crude oil prices turned lower and started a bearish correction. As mentioned in the previous analysis, $70.00 is the support level to watch for a possible bounce. As long as the price could maintain the level above $70.00 then it will bounce and continue the uptrend.

Meanwhile, if the price continues its bearish movement then a bearish correction toward $67.20 could happen.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13