Gold downward continuation
Gold prices is on the downward movement and looks not stoppping yet. The price fall below yesterday low and now is set to target the $4,000 level. The test on $4,240 formed a bearish engulfing pattern which trigger the current continuation. If there is nothing changed, we might see the price trading below $4,000 in July.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver new lower low
Silver prices broke below the $64.00 handle again with strong momentum and now testing mid-month low. As we mentioned, we expect the price to target $54.00 and $50.00 level and current development suggest the chance is getting higher. Traders who has short positions will place stop order above $70.00 or latest swing high. A close above $70.00 will become our invalidation of bearish view.
Today’s critical level to watch:
Support: $54.00, $50.00
Resistance: $64.00, $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil stay under pressure
Crude oil gapped down following a firm rejection at the $77.13 level. The price remains heavily weighed down as geopolitical risk premiums continue to ease amid ongoing diplomatic progress in the region. The current technical setup suggests that the bearish momentum is likely to persist, with sellers eyeing an extension toward the $70.00 target. However, if buyers can stage a recovery and force a close back above the $77.13 level, it could invalidate the immediate bearish outlook and signal a shift in the overall situation.
Today’s critical level to watch:
Support: $70.00
Resistance: $77.13, $80.00, $85.00, $90.00, $95.00