Gold bearish reversal?

The release of U.S job data shows weaker-than-expected numbers but the unemployment rate also decreased which gives a mixed signal. Initially, the market turned optimistic that the U.S. dollar would weaken but after the news release, the U.S. dollar gained and returned to its opening level. Gold prices also experience bearish pressure but are mostly stable near the record high. We might see further sideways movement in gold prices with the possibility of a bearish correction. No change to the outlook, traders will continue to use the green box area as a place to enter long positions when a bearish correction happens.

Today’s critical levels to watch:

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

Resistance: $2,530, $2,611

Silver bearish rejection

Silver prices get rejected from the $29.00 handle and erased all of yesterday’s gain. The price maintains its position inside yesterday’s range and might close inside it at the end of the day. We might see the price continue sideways near $29.00 or resume the bearish movement to target the $25.00 – $26.00 area. If the price continues moving upward then traders will continue to hold long positions. Meanwhile, if the price starts another bearish correction toward $25.00 – $26.00 then it is a chance for traders to add long positions.

Today’s Critical levels to watch:

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

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil extends bearish movement

Crude oil prices attempted to climb above $70.00 today but it gets rejected from the level. At the current time, the price is resuming the bearish movement and printed a new lower swing low. As the bearish trend continues, traders who have short positions will continue to hold the positions with $67.20, and $65.00 as the next bearish targets.

Today’s critical level to watch:

Support: $70.00

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