Gold bearish pressure

We have a bearish pressure building on gold prices today. The price fell below the previous day’s low and might extend its bearish movement toward $1,680 – $1,700. No confirmation yet where the price will move at the end of the day. Traders might want to assume that the price currently has not left the consolidation phase until there is a major bearish or bullish close away from $1,780.

If the price recovers its losses and closes near its opening level then we will see further consolidation near $1,780.

Today critical levels to watch:

Support: $1,780, $1,700, $1,680

Resistance: $1,800, $1,850, $1,900

Silver continue consolidation

There is not much movement in silver price yet which consolidates near the $26.00 handle. The price experience bearish pressure today but continue trading inside the previous day’s range. We might see the price continue its consolidation until a major news release this week.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35, $20.00

Resistance: $27.00, $29.00, $30.00, $31.50

Crude oil bearish engulfing pattern

Crude oil prices bullish movement finally receive a bearish reaction yesterday. The price formed a bearish engulfing pattern which might indicate a bearish correction. Traders will wait for closing level confirmation today. Without close below the bearish pattern low, there is no change to the bullish scenario toward $77.13.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13