Gold continues lower

The bearish pressure on gold prices has not subsided as the price continues moving lower. The price might continue to target the $1,585 – $1,600 area as the U.S dollar index gains strength. Traders are preparing for the incoming recession which might happen next year. As long as the U.S dollar index continues gaining strength, it is not the time for gold prices to move upward.

Today’s critical levels to watch:

Support: $1,600, $1,585

Resistance: $1,680, $1,700, $1,780, $1,800

Silver testing the $18.50 level

Silver prices managed to maintain the level in the middle of $18.50 – $20.00. However, the price is currently under bearish pressure and reach the $18.50 support level. If the price breakout and prints a new lower low then the bearish trend is set to continue. On the other hand, a bullish bounce and close above $20.00 will confirm upward movement toward $21.35.

Today’s Critical levels to watch:

Support: $18.50, $17.73, $17.50, $16.00

Resistance: $20.00, $21.35

Crude oil reach $77.13

Crude oil prices pushed lower and reached the $77.13 support level. The price halted the drop and currently testing the support level. If the price could bounce from the level then we might see upward movement to test $85.00. Traders will continue to stick with the bearish scenario for now as the price continues printing new lower lows and lower highs.

Today’s critical level to watch:

Support: $80.00, $77.13

Resistance: $85.00, $90.00, $95.25