Gold bearish pressure

After a new record high yesterday, gold prices are trading lower today. The bearish movement might be an anticipation movement before the release of core PCE data today. If inflation numbers continue moving lower then gold prices might extend the bullish movement to a new record high. Technically, traders will wait for the price to make a bearish correction to add more long positions at a lower level.

Today’s critical levels to watch:

Support: $2,685, $2,600

Resistance: $2,750, $2,800, $2,841

Silver losing upward pressure

Silver prices made a bearish close yesterday and are currently under bearish pressure. The price has not broken the previous day’s range and might reverse upward to continue the bullish movement toward $35.25. However, if the price continues the bearish movement and reaches $31.50 – $32.50 then traders could wait for bullish reactions to add more long positions.

Today’s Critical levels to watch:

Support: $33.05, $32.50, $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil bounced from $67.20

Crude oil bearish pressure receded and the price bounced from the $67.20 support level. Despite the bullish bounce, there is no upward continuation today. The price might attempt to extend the upward movement to test the $70.00 level. Traders could wait near the resistance level for reactions. If the price get rejected with strong bearish reactions then the bearish trend could continue.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85