Gold bearish pressure inside the box area

Bearish pressure occurs on gold prices near the green box area. This bearish movement was caused by the market reaction before the FOMC announcement this week. Concerns that inflation will remain at a high point and also that the Fed is delaying its intention to lower interest rates are putting strong buying pressure on the U.S. dollar. Due to this buying pressure on the U.S. dollar, gold prices weakened. However, traders will wait for the reaction in the green box area for further confirmation.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver moving toward $25.00 – $26.00

Silver prices moved lower closer to the $25.00 – $26.00 area as expected. Testing will occur shortly and traders will wait for the price reaction. If a strong bullish bounce occurs then traders can enter long positions. As long as the price can still form higher swing high and swing low points, the trend will continue to be bullish.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $30.00, $31.50

Crude oil more consolidation

The rejection from the $83.85 point brought crude oil prices to move lower. This weakness has the opportunity to reach the $80.00 point and also the trendline. When the price can give a bullish reaction at the $80.00 point or the trendline then traders can enter a long position. To confirm the next direction of the move, a close beyond the $80.00 – $83.85 area is needed.

Today’s critical level to watch:

Support: $80.00

Resistance: $83.85, $85.00, $90.00