Gold continue bearish movement
The bearish pressure on gold prices continue to bring the price lower and might reach the $1,585 – $1,600 area soon. Traders will continue to stick with a bearish scenario for now until a new higher high is printed on the chart. On the lower side, if the $1,585 – $1,600 support area produce major bullish reaction then there might be chance to enter long positions.
Today’s critical levels to watch:
Support: $1,600, $1,585
Resistance: $1,680, $1,700, $1,780, $1,800
Silver extend weakness below $18.50
Silver prices closed below the $18.50 level and the price continues to move lower in today’s trading session. The price will target $17.73 and $17.50 support levels next. If no lower low is printed on the chart then there is the chance of a bullish reversal. Traders will observe closely the price reactions near the support level for now.
Today’s Critical levels to watch:
Support: $17.73, $17.50, $16.00
Resistance: $18.50, $20.00, $21.35
Crude oil sticks near $77.13
Crude oil prices were mostly under bearish pressure but managed to maintain the close near the $77.13 support level. The price might consolidate near the level for now and traders will monitor the price reactions. If a bullish bounce happens then $85.00 is the upward target to watch. The current bearish trend might be near its end which means there is a chance for long positions to gain, however, traders will need to plan 1-2 years forward before entering long positions.
Today’s critical level to watch:
Resistance: $80.00, $85.00, $90.00, $95.25