Gold resumes bearish correction

After consolidating near $1,953, the gold price continued downward toward $1,900. In the long term, the trend of gold prices is bullish, so this is an opportunity for traders to enter positions at lower points. The current downside target is near the SMA 200. Despite the bullish situation, a close below $1,800 will cancel all bullish outlooks.

Today’s critical levels to watch:

Support: $1,950, $1,900, $1,850

Resistance: $2,000, $2,069, $2,074

Silver bearish continuation toward $21.35

The weakening of the silver price continues below the $23.00 – $23.90 area. The price will try to move toward the next support level at $21.35. Traders will wait for the price to lose its bearish momentum and produce a bounce reaction. When there is a strong bullish reaction at the support level, it is a confirmation for traders to enter long positions.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil falls below $70.00

The price of crude oil had moved up above $70.00 and will try to continue its bullish movement toward $77.13 and the red trendline. However, the price experienced strong bearish pressure today and dropped below the $70.00 point. The situation is quite bearish and there is a possibility that a test of the blue trendline will occur. If the price can maintain its position above the trendline then the trend can turn bullish.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00