Gold on the path toward $1,850

The weakness of gold prices continue below $1,900 and almost reached the $1,850 support level last week. The precious metal currently consolidating between the $1,850 – $1,900 area before U.S presidential election tomorrow. If the price continues lower and breakout below $1,850 then traders will prepare for further weakness toward the $1,780 – $1,800 area.

On the other hand, if a bullish bounce happen and the price could close above $1,900 then we might see the trend turned bullish again.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,950, $2,000

Silver rejected from the $25.00

We have another rejection and bearish follow-through from the $25.00 resistance level. Silver prices mostly lower and closed the October trading month near the low. This month, traders will wait for further bearish pressure below the October low. If the bearish movement happens then silver is expected to target $21.35 and $20.00 support levels.

However, if the bull could push the price higher and close above the $25.00 – $26.00 area then silver set to continue its long-term bullish trend.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil consecutive bearish closes

Crude oil closed below $38.50 and continue its bearish trend. The price almost reaches $33.00 support level and might not stop yet. The surge in new coronavirus cases and lockdown measures might be the catalyst for the current bearish movement. Traders might want to wait until the bearish pressure recede to enter long positions.

Today critical level to watch:

Support: $33.00, $30.00

Resistance: $38.50, $40.00, $49.00, $50.00