Gold further bearish correction

Gold prices entered the green box area where it might experience bounce reactions. Under current situation, traders will let the bearish correction to finish first before entering long positions. When the bearish pressure receded and there is bullish pattern then it is safer to enter long positions. If the box area failed, then gold prices could target the previous swing low.

Today’s critical levels to watch:

Support: $3,250, $3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver testing $31.50

Silver prices pushed lower with strong bearish momentum. The price reached the level near $31.50 before starting a recovery. It might close the day near the opening level, which suggest a bullish reversal. On the upside, if the price could print new higher swing high, then the trend could continue bullish with $35.25 as upward target.

Today’s Critical levels to watch:

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

Resistance: $33.00, $35.25

Crude oil bounce reaction

Crude oil prices continue the bearish movement, but there is bullish reactions near the $57.50 and $55.80. The price might close the day above the opening level or with a bullish pin bar pattern. If the price start moving upward again, then $65.00 is the major level to watch. Breakout and close above $65.00 might become a strong bullish confirmation.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13