Gold target $2,530 – $2,550

A long-awaited bearish correction is happening in gold prices. It means a chance for traders to enter long positions when the bearish correction is completed and there is a bullish continuation pattern. On the lower side, $2,530 – $25,00, and the green box area will become the support levels to watch. It is better to avoid shorting gold prices as it could turn upward anytime suddenly and resume the bullish trend.

Today’s critical levels to watch:

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

Resistance: $2,611

Silver is on the path toward $29.00 and the trendline

Similar to gold prices, silver prices also experience bearish correction and it might target the $29.00 trendline. Traders could wait near both support levels for bullish reactions. When there are bullish reactions, traders could enter long positions targeting a new higher swing high. However, if the price close below $29.00 then we might see a medium-term trend change to a bearish trend.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $35.25

Crude oil stays inside $70.00 – $77.13

Crude oil prices started a bearish correction after being rejected from the $77.13 level. The price might continue moving lower to target the $70.00 level. At the current time, the market is waiting for Israel’s response to Iran’s latest attack. If there is no escalation in conflict then crude oil prices will continue moving lower.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85