Gold resumes bearish correction

The price of gold declined yesterday and made a bearish close. Today, there was a brief decline but the price managed to recover and now trading above the opening point. Trendwise, the bearish correction is still ongoing and the $1,900 point is a downside target and a place where traders can consider long positions. A close below the daily SMA 200 might cancel the bullish outlook.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950, $2,000, $2,069, $2,074

Silver moving toward $21.35

The silver price has broken down below the $23.00 – $23.90 area and is now heading towards $21.35. Traders will be waiting for the price to lose its bearish pressure and form a bullish reaction near $21.35. When there is a bullish reaction, traders can consider entering long positions.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil testing the trendline

Bearish pressure hit the price of crude oil again, which is now below $70.00. The price is testing the blue trendline and will be waiting for further developments. If the price continues to make a bearish close and forms a lower swing low point then the trend will return to a bearish trend. A close above $70.00 by the end of the week will become a major bullish confirmation.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00