Gold further weakness toward $1,850

The price continues under pressure for the third day. At the current time, gold prices have moved below the previous day’s low and looking to target $1,850. Similar to the previous day’s analysis, if gold prices could break out below $1,850 then traders will prepare for further weakness toward $1,780 – $1,800.

Today critical levels to watch:

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

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

Silver hovering lower

Silver prices distance themselves from the $25.00 – $26.00 area. The price currently moving lower and might target the bottom of the triangle. Traders might want to wait for further confirmation on the precious metal next direction. A bounce from the bottom of the triangle might become the signal to enter long positions.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil stuck near the September-October high

Crude oil prices continue consolidating near the September-October high. The price has trouble to continue its bullish pressure and might reverse its direction. If the price move lower then traders will expect more consolidation near the $38.50 – $40.00 area.

However, if a bullish breakout happens then crude oil is expected to target the $49.50 – $50.00 area.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00