Gold no major movement

Gold prices continue trading sideways near the current level and above the green box area. There is a slight bearish sign but the price might continue the sideways movement. If the price moves lower and enters the green box area then traders could wait near support levels for a chance to enter long positions. In the long term, we still think the price will continue the bullish trend to target a new record high.

Today’s critical levels to watch:

Support: $2,500, $2,400, $2,143

Resistance: $2,530, $2,611

Silver move lower below $29.00

Silver prices are under bearish pressure this week and managed to trade below $29.00. It seems the bearish correction will continue and traders will observe the price movement. When the bearish pressure recede, traders could add more long positions assuming that the bullish trend will continue. On the lower side, $70.00 could become the bearish target to watch.

Today’s Critical levels to watch:

Support: $29.00, $26.00, $25.00, $23.90, $23.00

Resistance: $30.00, $31.50, $35.25

Crude oil undecided

The price of crude oil pushed lower today and printed a new lower low. However, the bearish pressure has receded and the price traded back above the opening level. We might see the price continue its consolidation not far from the $77.13 level. The price could either continue the bullish movement above $77.13 or resume the bearish trend toward $70.00. No clue on the next direction, it is better to wait until the price forms a new structure.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00