Gold start a bearish pullback?

Gold prices have reached the 127.2% Fibonacci extension level and there is bearish reaction. It might be the sign of bearish correction or temporary reaction before further upside. This week, the real movement might happen after the inflation data releases. However, the true direction might depend on next week FOMC meeting. Nevertheless, when the gold prices started a bearish correction then traders could wait near the previously broken swing high for a chance to enter long positions.

Today’s critical levels to watch:

Support: $3,350, $3,250, $3,200, $3,150

Resistance: $3,400, $3,500

Silver consolidation

Silver prices looks moving sideways after the 127.2% Fibonacci extension target reached. The price might continue consolidating for now until next week FOMC meeting. If a bearish pullback happened, then $39.5 – $40.00 is the area to watch for bullish reactions. We still expect the price to continue the bullish movement to target 161.8% extension level next.

Today’s critical levels to watch:

Support: $40.00, $38.80, $35.25

Resistance: $41.632, $44.357

Crude oil bullish attempt

Crude oil prices moving upward but looks experiencing rejection. The price might trade near the current level with bearish bias. We maintain the bearish view and see crude oil prices will continue lower to target the $60.00 level. On the upside, a close above $67.20 might cancel the bearish outlook.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13