Gold continue bearish correction

Gold prices are in a confirmed bearish correction, with $2,789 – $2,800 as target. The price might continue lower, but it also could reverse before reaching the target. If the price make a bullish reversal, then traders could start adding more long positions with expectation of bullish continuation. We still think the price will reach new record high after the current bearish correction.

Today’s critical levels to watch:

Support: $2,800, $2,750, $2,685, $2,600

Resistance: $2,981, $3,000

Silver might target $30.00

The bearish pressure on silver prices managed to push the price down below $31.50. Now the price might continue the bearish movement toward the $30.00 support level. Traders will wait sideline for now. After bullish reactions happen, traders could start scaling in long positions again. On the upside, the price has $35.25 as long-term target.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil stick near $70.00

Crude oil prices might trade lower, but it closed near the $70.00 level at the end of the week. The price will attempt to bounce from the level and continue the bullish movement. However, the bear might also attempt to push the price down toward $67.20 and target a new lower swing low. If the price manages to print a new lower swing low, then the trend will turn bearish for long-term.

Today’s critical level to watch:

Support: $67.20, $65.00

Resistance: $70.00, $77.13, $80.00, $83.85