Gold retesting $4,000

Gold price continue under bearish pressure this week and reached the $4,000 level. A test happened and we have slight bounce reactions. Gold prices might consolidate near the level before the next explosive movement. As there is no strong bullish catalyst yet, traders will use the moment to accumulate long positions after the price stabilize.

Today’s critical levels to watch:

Support: $4,000, $3,835

Resistance: $4,200

Silver trade near $50.00

Silver prices have returned above the $50.00 handle and currently trade lower to retest the level. If the support level maintained, then we will see price consolidating near the $50.00 level. A strong bullish bounce from the level will become confirmation of bullish continuation. On the other hand, if the price fall and print a new lower swing low, then we might see an attempt to target the green box area.

Today’s critical levels to watch:

Support: $50.00, $47.07, $44.357

Resistance: $55.00

Crude oil stick near $60.00

Crude oil prices moving upward and currently trade near the $60.00 level. We maintain bearish outlook with $54.50 – $55.00 area as target and $62.00 as invalidation level. Under current situation, traders could continue to use the $60.00 – $62.00 area as a place to look for short positions.

Today’s critical level to watch:

Support: $57.60, $55.00, $54.50, $52.4

Resistance: $60.00, $65.00, $67.20, $70.00, $77.13