Gold halted bearish pressure
The market was mostly bearish yesterday after China’s largest property company collapse. Gold prices initially fell but it managed to secure gain at the end of the day. Traders and investors seem to watch cautiously what will happen next. At the current time, the global market situation might continue under pressure and start a bearish correction. However, traders might want to wait until this week’s FOMC meeting before jump into positions.
If gold prices could move upward and close above daily SMA 200 then there is a chance for bullish continuation.
Today critical levels to watch:
Support: $1,700, $1,680
Resistance: $1,780, $1,800, $1,850
Silver holding out between yellow box area and $21.35
There is no change to the outlook of silver yet which comes under pressure below the yellow box area. Yesterday, the price continue trading under pressure and print a new lower low. However, the price managed to recover and closed near the opening level.
If the bearish pressure resume then traders will expect the price to reach the $21.35 support level.
Today Critical levels to watch:
Support: $21.35, $20.00
Resistance: $23.00, $23.90, $25.00, $26.00
Crude oil tested $70.00
Yesterday, crude oil prices tested the $70.00 handle and managed to hold above it. The price currently attempting to bounce from the level. If the price could close above the previous day’s low then traders will expect a bullish continuation toward the $77.13 resistance level.
Today critical level to watch:
Support: $70.00, $67.20