Gold bearish correction

After the Fed’s announcement, the majority of U.S. dollar counterparts increased. However, towards the weekly close, there was a reversal and currently bearish pressure is visible on gold prices. A bearish correction will take place and traders will wait for a reaction from the price near the support point. If a bullish bounce reaction occurs then it is a confirmation of the continuation of the upward movement and traders can continue to maintain long positions.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance:

Silver return below $25.00

The increase in silver prices was hampered after the bearish closing that occurred yesterday. This decline erased all the increases that occurred the previous day. Today there is a continuation of the bearish movement but the price managed to recover to its opening point. If the price immediately moves back above the $25.00 level then the bullish movement could continue to test $26.00. However, if bearish pressure persists then a decline towards the $23.00 – $24.00 area may take place.

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil looking to test $80.00

Crude oil prices are still in a bearish correction phase to $80.00. A test is likely to occur and traders will now wait for a reaction from the price near the point and the trendline. When a bullish reaction occurs, traders can add to long positions. Meanwhile, if the decline continues, $77.13 is the next support point to pay attention to.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $85.00, $90.00