Gold major bearish movement

The bullish movement of gold prices turned sharply bearish yesterday, erasing half of the gain since the bounce from the $2,530 – $2,550 area. The price might continue the bearish movement to retest the support level. At the current time, the price looks to form a triangle pattern where consolidation might happen. Nevertheless, traders will continue to use the bearish correction as a chance to add long positions at a lower level. However, the price needs to print a new higher swing high to confirm bullish continuation.

Today’s critical levels to watch:

Support: $2,600, $2,550, $2,530

Resistance: $2,685, $2,750, $2,800, $2,841

Silver closed near $30.00

Silver prices experienced bearish rejection from the $31.50 resistance level and managed to close near the $30.00 handle. The price might attempt to extend the bearish movement and break below $30.00. At the current time, traders will monitor silver prices movement between $30.00 – $31.50. If the price could stabilize then we might see consolidation inside the area.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil fake breakout

Crude oil prices turned lower after the breakout and close above the trendline. The price made a bearish close yesterday and there is a bearish continuation today after the retest at $70.00. Under the current situation, it seems the price will continue the bearish movement to break below $67.20. No new higher swing high in the latest bullish attempt which means there is no change to the bearish outlook.

Today’s critical level to watch:

Support: $67.20, $65.00

Resistance: $70.00, $77.13, $80.00, $83.85