Gold resume bearish movement toward $1,780 – $1,800?

The major bearish reversal from the $1,950 resistance level resulted from the vaccine announcement by Pfizer. The report told that the vaccine has 90% effectiveness against coronavirus. If the vaccine is approved then gold prices will continue under pressure.

At the current time, the price is supported by $1,850. It will take a short-time to break the support level and lead the precious metal down toward the $1,780 – $1,800 area.

Today critical levels to watch:

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

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

Silver hanging near $25.00 – $26.00

The rejection from $25.00 – $26.00 has strong bearish momentum but no lower low printed yet on the silver chart. Silver might consolidate near the current level while waiting for the trigger to move. If the price could not immediately climb and close above $26.00 then it will come under bearish risk toward $21.35 and $20.00.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil resume the bullish movement

Crude oil prices climb above October high and set to continue its bullish movement. Next, the price will target July – August high before it could rally toward the $49.00 – $50.00 area. In the long-term, crude oil prices are expected to continue its bullish recovery and return to the bullish trend when the economy has recovered from the coronavirus impact.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00