Gold continues moving lower

Gold prices made another bearish close yesterday, continuing the bearish correction toward the $2,530 – $2,550 area as well as the green box area. As mentioned before, traders will wait near the support levels for bullish reactions. When the price formed bullish reactions, traders could enter long positions targeting new record highs.

Today’s critical levels to watch:

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

Resistance: $2,611

Silver waiting for a bearish continuation

Silver prices made a bearish close but it is inside Tuesday’s candlestick range. We still expect the price will continue the bearish movement to target the trendline or $29.00 level. When the price reaches the support level and forms bullish reactions, traders could enter long positions. In the long-term view, we also think the price will resume the bullish trend and print higher swing highs.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $35.25

Crude oil neutral

The market is observing Israel’s response to Iran’s attack. Up until now, there has been no response yet which might be a confirmation that there won’t be retaliation. However, traders will stay cautious for now as any retaliation could make the crude oil prices spike upward. Technically, the price might consolidate between $70.00 – $77.13 for now.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85