Gold bearish reaction

Gold prices has closed above the $4,000 level, but it face immediate bearish rejection from the level today. After the rejection, it might consolidate near the $4,000 or turn lower to test the Fibonacci Retracement levels. For now, we think $3,888 – $3,900 could become the first area to visit. On the other hand, if the pair range near $4,000, then $3,950 might be the low of consolidation range.

Today’s critical levels to watch:

Support: $3,835, $3,650, $3,500, $3,400

Resistance: $4,000

Silver complete $50.00 target

Silver prices has completed another milestone with reaching $50.00 handle. There is long wick above the level which could mean traders stopped out above the level and there are profit-taking actions. Ideally, a significant bearish correction happen near the current level. However, the price could also consolidate near $50.00 and push further upward, especially when the FOMC meeting is two weeks away.

Today’s critical levels to watch:

Support: $47.07, $44.357

Resistance: $50.00

Crude oil bearish rejection

Crude oil prices resume the bearish movement after it get rejected from the broken multiple lows level. The price could continue the bearish trend and target $60.00 also $57.60 levels. For now, we maintain bearish outlook on the price and use $67.20 as final invalidation level for the current bearish trend.

Today’s critical level to watch:

Support: $60.00, $52.4

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