Gold more bearish pressure

Gold prices closed lower yesterday and there is bearish follow-through today. The price currently moving lower below the $1,850 and will attempt to extend the bearish movement toward the daily SMA 200. Traders will wait for the price reaction near the averages to determine the next direction. If a major bullish bounce happens then we might see a continuation of the bullish trend.

Today critical levels to watch:

Support: $1,850

Resistance: $1,900, $1,953, $2,000, $2,074.69

Silver set to reach $21.35

Silver prices closed lower yesterday and the price continues under bearish pressure. We will see a retest on the $21.35 support level soon. If the price breakout and closes below the level with strong bearish momentum then the bearish trend is set to continue. On the other hand, a bullish bounce from the current level might become a bullish confirmation for ranging movement between $21.35 – $26.00.

Today’s Critical levels to watch:

Support: $21.35

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil closed below $106.00

Crude oil prices managed to close above $106.00 last week but failed to maintain the level above it this week. The price made a bearish close below the level and there is a bearish continuation today. On the lower side, as long as the $95.25 support level holds out then there is a chance of a bullish reversal. If the price closes below $95.25 then the trend might turn bearish.

Today’s critical level to watch:

Support: $95.25, $90.00

Resistance: $100.00, $106.00, $130.00