Gold started a bearish correction

After trading sideways for several days, gold prices finally started moving lower with moderate bearish momentum today. The price might target the green box area or the $2,530 – $2,550 area. Traders will use the chance to add long positions when the price could bounce from the area with strong bullish reactions. No change to the long-term bullish outlook which means better avoid shorting.

Today’s critical levels to watch:

Support: $2,550, $2,530, $2,500, $2,400

Resistance: $2,611

Silver falls below $31.50 with strong bearish momentum

Silver prices trading lower with strong bearish momentum today. The price might continue the bearish movement toward the $29.00 level or the trendline. Traders could wait near both support levels for bullish reactions. When the price could bounce with strong bullish reactions then traders could enter long positions.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $35.25

Crude oil reached $77.13

Crude oil prices get rejected from the $77.13 resistance level and fall below yesterday’s low. The price might continue the bearish movement to target the $70.00 level. We could say the situation of crude oil prices is neutral now and the price might trade between $70.00 – $77.13. Under the current situation, traders will wait for a close outside of the range to confirm the next direction of movement.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85