Gold started a bearish correction

Gold prices officially reached the level near the second Fibonacci extension. It started a bearish correction which is a normal situation. As mentioned before, traders will continue to use each bearish correction in gold prices as a chance to add more long positions at a lower level. As long as the price continues printing new higher swing highs and higher swing lows, the trend will continue to be bullish.

Today’s critical levels to watch:

Support: $2,550, $2,530, $2,500, $2,400

Resistance: $2,611

Silver falls below $31.50

Gold prices have started a bearish correction and silver prices also follow that path. The price might trade lower to test the $30.00 handle. If the price could stabilize near the level and form bullish reactions then the bullish trend could continue. Traders will use the bearish correction as a chance to add more long positions.

Today’s Critical levels to watch:

Support: $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil supported by $67.20

The bearish pressure on crude oil prices could not break out below the $67.20 support level. There is a bounce reaction and the price might move higher to retest the $70.00 handle. Overall, the trend is bearish and we expect a bearish continuation to print a new lower swing low. However, a close above $70.00 and a new higher swing high will cancel the bearish outlook.

Today’s critical level to watch:

Support: $67.20, $65.00

Resistance: $70.00, $77.13, $80.00, $83.85