Gold closed below $1,680

Gold prices undergo bearish pressure and closed below the $1,680 level yesterday. The price continue under bearish pressure today but managed to recover to the opening level. At the current time, gold prices might continue to consolidate near the $1,680 – $1,700 area while traders await the release of U.S inflation data this week.

Today’s critical levels to watch:

Support: $1,680, $1,600, $1,585

Resistance: $1,700, $1,780, $1,800

Silver closed below $20.00

The bearish pressure on silver prices managed to bring the price lower and close below $20.00. The price seems to continue the bearish movement and might target the $18.50 support level. Traders will monitor the price reactions near $18.50 or the $20.00 handle. If the price could bounce from $18.50 support level then we might see a new higher low on the daily chart which confirms a bullish reversal.

On the upside, a close above $20.00 might become the confirmation of a bullish continuation to target $21.35.

Today’s Critical levels to watch:

Support: $20.00, $18.50, $17.73

Resistance: $21.35

Crude oil is slightly lower near $90.00

Crude oil prices bullish pressure has subsided as the price currently undergoes bearish correction. The bearish pressure managed to bring the price down below $90.00. We think the price will consolidate near the current level and awaiting further confirmation from U.S CPI data. Will the price resume the bearish trend and target $77.13 again? Alternatively, will it climb and close above $95.25 to extend the current bullish movement?

Today’s critical level to watch:

Support: $85.00, $80.00, $77.13

Resistance: $90.00, $95.25