Gold $1,950 rejection

Gold prices get rejected from the $1,950 resistance level this week. The price trade is slightly lower with moderate bearish momentum. If gold prices could continue moving lower and close below $1,900 then the bearish correction could continue toward $1,850 and $1,800. On the other hand, if a bullish breakout above $1,950 happens then we might see a rally toward $2,000 and higher.

Today critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,953, $2,000, $2,074.69

Silver under pressure near $25.00

Last week, silver prices launched upward from the $25.00 handle and were set to target the $26.00 resistance level. However, the bullish pressure recedes and the price is currently under pressure near the $25.00 handle. Traders will monitor closely the price reaction near the level for now. If the price could bounce from the level then traders could continue to hold long positions with the expectation that the price will climb toward $27.50.

Today’s Critical levels to watch:

Support: $25.00, $23.90, $23.00

Resistance: $26.00, $27.50

Crude oil is trading at the $106.00

Crude oil prices once again come under pressure and traded near the $106.00 support level. There is an announcement from Russia that they have completed the first phase of “Special military operation” and will refocus on the Donbas region. It could mean the end of the war but it is not clear for now.

The price of crude oil might stick near $106.00 and $100.00 while waiting for further development.

Today’s critical level to watch:

Support: $106.00, $100.00, $90.00

Resistance: $130.00