Gold reached $1,850

Gold price formed a lower swing low below $1,900 and managed to reach $1,850 in a short time. The bearish situation does not seem to be over and traders will now only watch the reaction of the price near the $1,850 mark. If a bullish bounce occurs then the $1,900 point and the daily SMA 200 will be resistance points to watch.

Today’s critical levels to watch:

Support: $1,850

Resistance: $1,900, $1,950, $2,000, $2,069, $2,074

Silver major bearish reactions

Silver price’s bullish attempt above the $23.00 mark failed to sustain and the price appeared to undergo a strong bearish reaction. Currently, the price is trading below the $23.00 point and below the opening point. If the price continues to weaken in next week’s trading and forms a lower swing low point then the bearish situation will continue.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil double top?

The bullish trend in crude oil prices is starting to falter with the bearish reaction that occurred yesterday. A double-top pattern is likely to form and could be confirmation of a bearish correction in crude oil prices. Because the price situation is still fundamentally bullish, traders will wait for a bearish correction to enter a long position near the support point.

Today’s critical level to watch:

Support: $90.00, $85.00, $80.00

Resistance: $95.00