Gold bearish pressure at $2,685

Gold prices have started a significant bearish correction after the close below $2,685. The price currently stabilizing near the $2,685 support level and might close the week near it. As mentioned before, traders could use the $2,685 level as a place to enter long positions. However, if the price continues the bearish movement then traders could expect the $2,530 – $2,550 area as a bearish target.

Today’s critical levels to watch:

Support: $2,685, $2,600

Resistance: $2,750, $2,800, $2,841

Silver stick near $31.50

Silver prices were under bearish pressure again after it closed near the $31.50 level. It seems to be enough bullish pressure to bring the price up and currently, silver prices might continue trading sideways near $31.50. We think the price will set up a base to continue the bullish movement to target the level above $35.25. However, if the price resumes the bearish movement and prints a new lower swing low then the bearish movement could continue toward $29.00.

Today’s Critical levels to watch:

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

Resistance: $35.25

Crude oil bounced from $70.00

Crude oil prices continue to maintain a position above $70.00 as the price bounced from the level. However, there is no bullish follow-through yet which means further consolidation near $70.00 will continue. On the upside, the price needs to close above $77.13 and print a new higher swing high to turn the trend bullish. Meanwhile, if the price turn lower and print new lower swing low then the bearish trend will continue.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85