Gold no bullish appetite

The breakout above bullish flag seems only brought gold prices to reach its previous swing high. The price has turned lower since then and might extend the bearish movement. The green box area will become the focus of traders now. There is potential for the price to sweep the support level and clear overleverage positions before continuing upward. Under current situation, traders will observe the price reactions near the green box area.

A potential S-H-S pattern formed with neckline at $3,291. If the pattern confirmed, then $3,150 could become the bearish target for the pattern. Despite the potential pattern, we still maintain bullish outlook and see possibility of the pattern not triggered or turn into false breakout.

Today’s critical levels to watch:

Support: $3,350, $3,250, $3,200, $3,150

Resistance: $3,400, $3,500

Silver extend bullish movement

Silver prices has tested the $35.25 support level and bounced from it. The price gaining more bullish momentum and might be set to print new higher swing high to target $38.347 also the $40.00 levels. The trend has been bullish, especially after the price flipped above the $35.25 level. It is better to use each bearish correction to support level to add long positions.

Today’s Critical levels to watch:

Support: $35.25

Resistance: $38.34, $40.00

Crude oil bounce reaction

After the cease-fire between Israel-Iran, crude oil prices sharply lower from the $77.13 resistance level. Technically, it reached the green box area and is supported by it. At the current time, there is mini bounce reactions, but the price might stall near the box area. As the latest movement print higher swing high and it might form potential higher swing low, traders might want to stick with long positions for now until a new lower swing low printed.

Today’s critical level to watch:

Support: $65.00, $60.00, $52.4

Resistance: $67.20, $70.00, $77.13