Gold rejected from resistance $1,430

The Fed decided to cut interest-rate by 25 bps, aligned with the market expectation. However, no clear clue provided for the next rate decision. U.S dollar index launched higher after the meeting and might continue in the coming days or weeks.

Gold prices formed a bearish engulfing pattern and the pattern initially confirmed by a movement below the pattern low. At the current time, gold might continue its weakness toward $1,390.

Today critical levels to watch:

Support: $1,400, $1,390, $1,380

Resistance: $1,430, $1,450, $1,500

Silver started bearish correction

The bearish correction started at silver prices after the failure to close above $16.50 resistance. The precious metal currently moves lower below $16.00 support and might extend the bearish movement toward $15.60. Traders might want to avoid long positions for now, at least until the pair formed a bullish pattern near the support level.

Today Critical levels to watch:

Support: $15.60, $15.20

Resistance: $16.00, $16.50, $16.80

Crude oil return inside $55.80 – $57.60 range

Crude oil manages to close above $57.60 in the previous trading day. However, the price experiences bearish pressure today and it falls below $57.60. If the price close inside the $55.80 – $57.60 range then we could expect crude oil to continue its ranging movement between $55.80 – $57.60.

Today critical level to watch:

Support: $55.80, $55.00, $54.50

Resistance: $57.60, $60.00, $65.00