Gold continues under pressure
The bearish pressure on gold continued in the previous day and made a test break below the red trendline. Fortunately, the bull returned and brought the precious metal back above the opening level to close higher. There might be selling attempt today as the market positioning themselves before FOMC rate announcement.
The Fed expected to raise interest rate from 1.25% to 1.50% today. If there is no rate increase, we might see the gold bounce from the trendline and secure position above $1,250.
Today critical level to watch:
Support: $1,240, $1,220, $1,200
Resistance: $1,250, $1,258, $1,280, $1,300
Silver rangebound
Silver prices traded inside $15.60 – $15.85 range after the break below $16.00. The pattern is not good for the bear as more fresh low printed than fresh high. Depend on today FOMC interest-rate decision; silver might continue to break lower below $15.60.
Today critical level to watch:
Support: $15.60, $15.00
Resistance: $15.85, $16.00, $16.50, $16.80
Crude oil stuck at resistance
Despite the bullish sentiment shown in the previous week, crude oil stuck below the resistance $57.60. The bull is hesitant to make further breakthrough upside which gives the bear more advantage. If the bear could reverse the bullish trend and make a close below $55.80 and $54.50, it will take the control from the bull.
There is no hint yet where crude oil will move next. Today, the market will watch U.S crude oil inventory data. Forecast see a deficit of 3.6 million barrels.
Today critical level to watch:
Support: $56.00, $55.23, $54.50, $52.40
Resistance: $57.60, $60.00, $62.50.