Gold stopped before record-high
Gold prices reversed its direction again near the swing high point. The price fell below yesterday’s low which suggests another bearish correction. It seems gold prices are ranging inside the green box area as shown on the chart. Traders could use the range to enter positions. Long positions are favored as the Fed interest-rate cut might happen next month.
Today’s critical levels to watch:
Support: $2,400, $2,143, $2,074, $2,069, $2,000
Resistance: $2,500, $2,530
Silver resumes bearish movement toward $26.00?
The bullish movement of silver prices reversed once again today as the price printed a new weekly low. The price might attempt to target the $26.00 support level where traders wait for bullish reactions. As long as the price could maintain the position above $26.00 and bounce from it then the bullish trend could continue. However, a breakout and close below $26.00 could signal a shift of trend for the medium term.
Today’s Critical levels to watch:
Support: $26.00, $25.00, $23.90, $23.00
Resistance: $29.00, $30.00, $31.50, $35.25
Crude oil testing $77.13
Crude oil prices erased two-day gains and returned to the $77.13 support level. The price needs to maintain its position above the levels to continue the bullish movement. A close below $77.13 could signal a bearish continuation in the price. On the upside, the price needs to close above $83.85 to confirm the continuation of the bullish trend.
Today’s critical level to watch:
Support: $77.13, $70.00
Resistance: $80.00, $83.85, $85.00, $90.00