Gold continues moving upward

Strengthening in gold prices is still ongoing after the bounce from the $1,900 level. Prices are above the daily SMA 200 point and appear to be continuing its upward movement. If there is no change to the situation then the $1,953 point is the upside target. Ahead of the Fed announcement, gold prices could move sideways and wait for a decline below $1,900 or a close above $1,953 to confirm the next direction of the next movement.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver return inside $23.00 – $23.90

Consolidation will take place at silver prices between $23.00 – $23.90 after closing above $23.00 yesterday. The price will try to start a new bullish trend and aim above the $25.00 – $26.00 area. However, if it turns out that prices continue to weaken and form a lower swing low point after the Fed’s announcement then the direction of movement will turn bearish.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil target $95.00

Crude oil prices have been on a bullish path which is supported technically and fundamentally so it will be very difficult to predict when a bearish correction will occur. Currently, the price will try to continue strengthening towards the $95.00 point. Traders should wait for a bearish correction to have the opportunity to enter a long position.

Today’s critical level to watch:

Support: $85.00, $80.00

Resistance: $90.00, $95.00