Gold bearish correction

Gold prices experience major bearish correction today, fell toward $3,000 and now bounce slightly from the level. The price seems moving upward, but there is chance of bearish continuation. However, the weekly trading session will end soon, traders might be better to wait for confirmation on Monday opening. If the price start moving lower, then it might attempt to retest the $3,000 level before turn upward again.

The safest option is to let the bearish correction play out and lost bearish momentum, then enter long positions.

Today’s critical levels to watch:

Support: $3,000, $2,981, $2,900, $2,800

Resistance: $3,100

Silver to the trend line

Silver bullish trend still intact and now it is undergoing a bearish correction. The pair might target the bottom trend line, where a bounce might happen. When the price reach the level and form bullish reactions, traders could enter long positions. Ideally, no new lower swing low printed when the price move lower. If the price form a new lower swing low, then we could say the current bullish movement has completed.

Today’s Critical levels to watch:

Support: $32.50, $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil moving toward $70.00

Crude oil prices opened higher but trading slightly lower today. The price might close near the previous day’s closing level. If there is no change to the situation, then the price could continue the climb to target the $70.00 resistance level. On the lower side, $67.20 is the support level to watch for bounce reactions.

Today’s critical level to watch:

Support: $65.00

Resistance: $67.20, $70.00, $77.13, $80.00, $83.85