Gold attempt to return above daily SMA 200

The price of gold is currently seen moving up and will try to make a close above the daily SMA 200 and $1,900. When prices can close above these two points, the trend can turn bullish. However, there is a chance of a decline ahead of the Fed’s interest rate announcement next month so traders can still observe further price developments away from the daily SMA 200.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver target $23.90

Silver prices have returned above the $23.00 mark and no lower swing lows formed during the previous bearish attempt. The condition of the price is quite bullish and will target the $23.90 point. To continue the bullish trend, the price need to print a higher swing high above $25.00. Traders who have entered long positions from a spot near $23.00 can continue to hold those positions for now.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil more bearish correction?

Bearish pressure was experienced by the price of crude oil for 3 consecutive days. The price has not formed a lower low in the previous week. If the price continues to weaken below last week’s low then the price could move toward $77.13. Traders will be waiting near support points for opportunities to enter long position for now.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00, $65.00

Resistance: $85.00