Gold weak, but stay above $1,220

Gold is under pressure before the Fed interest-rate decision today. However, the precious metal has not made a close below $1,220 which suggest possible bounce on the making. If gold could maintain close above $1,220, then it is possible for traders to place long position and target $1,240.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver waiting for trigger

We have no clue on silver next movement. However, the precious metal closed below $15.60 on a monthly basis is bearish. If silver bull decides to enter the market and push the price higher, then $16.00 might become the top. Selling near $16.00 could result in a successful trade.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil resume bearish trend

Crude oil took a downward path after the price rejected from $70.00 resistance level. There is no close above the resistance and result in clean rejection. Currently, we expect the price to continue its downward movement toward the red trendline or level around $65.00 – $66.00.

U.S crude oil inventory is due to release today. Expectation sees 2.6 million barrels deficit.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50