Gold might extend bearish correction

Gold prices experienced significant bearish correction last week and reached the $3,000 level. However, the bearish correction immediately bought and the price recovered. It shows strong demand which confirm that the bullish movement will continue. At the current time, there is chance of another bearish correction before bullish continuation. Traders will wait near support level for chance to enter long positions.

Today’s critical levels to watch:

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

Resistance: $3,100

Silver closed near $33.00

The bearish pressure on silver prices halted near the $33.00 support level last week. However, the bearish movement has strong pressure which might push the price down toward the trend line. When the price tested the trend line and form bullish reactions, then traders could add long positions in silver.

Today’s Critical levels to watch:

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

Resistance: $35.25

Crude oil at the middle of $67.20 – $70.00

There is chance of bullish continuation toward the $70.00 resistance level this week. However, the overall direction of crude oil is bearish, which mean a reversal might happen near the resistance level. When there is bearish rejection, traders could enter short positions targeting a new lower swing low in crude oil prices.

Today’s critical level to watch:

Support: $65.00

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