Gold has no strong movement

Gold prices hanging above the green box area and near the record high. The price has been trading sideways for a few days and might continue the sideways movement for now. It seems the market is waiting for the Fed’s Jerome Powell speech later. We think gold prices will continue the bullish movement after the Fed cut interest rates. When the price is trading lower, traders could use it as a chance to add more long positions.

Today’s critical levels to watch:

Support: $2,400, $2,143, $2,074, $2,069, $2,000

Resistance: $2,500, $2,530

Silver stays above $29.00

The price of silver maintains the position above the $29.00 handle. The price might trade sideways for now or retest the $29.00 broken level. Trades could use the level for a place to enter long positions when a bounce happens. On the upside, $30.00 and $31.50 will become the bullish target to watch. As the trend has turned bullish, it is better to stick with the long position for now.

Today’s Critical levels to watch:

Support: $29.00, $26.00, $25.00, $23.90, $23.00

Resistance: $30.00, $31.50, $35.25

Crude oil has more bearish pressure

The bearish movement of crude oil prices continues and the price is getting near the $70.00 handle. It seems the price will reach the support level and test it. A bounce from the level could bring the price up to test $77.13. However, it also prints a new lower swing low which means the bearish trend continues. Traders will wait for a bullish correction for a chance to enter short positions.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00