Gold bearish reaction from $1,780

Gold prices extended its bullish movement and reached the level near $1,780. The precious metal showed a rejection from the resistance level. If the bear could push the price further lower then traders could expect correction toward $1,750 and $1,700.

No confirmation yet that the bearish correction will happen. Traders will continue to hold long positions and target the level above $1,780.

Today critical levels to watch:

Support: $1,750, $1,700

Resistance: $1780, $1,800

Silver sideway near $17.50 – $17.73 area

There were bullish and bearish closes but most of the closes are not far from $17.50 – $17.73 area. Silver prices have the potential to turn bullish but it could not print higher high on the chart. If the bearish pressure continues today then silver might move lower and target $16.80.

Today Critical levels to watch:

Support: $17.50, $17.00, $16.80

Resistance: $17.73, $18.00, $18.50

Crude oil time for bearish continuation?

The bullish movement of crude oil stopped near $40.00 and yesterday the price close below $38.50. It seems the bullish trend might have reached its end. At the current time, there is no major bearish movement yet and the price stay above previous day low.

Without bearish close below previous day low then crude oil might reverse its bearish pressure and start moving higher again.

Today critical level to watch:

Support: $33.00, $30.00

Resistance:  $40.00