Gold maintains its position above the box area

Gold prices might be under bearish pressure but it continue to maintain its position above the green box area. No major bearish pressure that pushes the price into the area. As mentioned before, traders will use each bearish correction as a chance to enter long positions. We think gold prices are set to print a new record high. However, if the price turns lower again then it is a chance to add more long positions.

Today’s critical levels to watch:

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

Resistance: $2,530, $2,611

Silver has more bearish pressure

Silver prices continue under bearish pressure below the $29.00 handle. The price might extend the bearish movement to target the $26.00 handle. Traders could continue to use the current bearish movement in the price as a chance to enter more long positions. On the upside, the bearish trendline is the resistance level to watch. When the price could breakout above the trendline then the bullish trend will continue.

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 reached $70.00

The bearish movement of crude oil prices finally managed to reach the $70.00 support level. The bearish target has been reached and traders will monitor the price reactions. If the price could bounce upward then $77.13 is the bullish target to watch. Under the current situation, traders will assume that the trend is bearish and stay careful when deciding to enter long positions.

Today’s critical level to watch:

Support: $70.00

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