Gold breakout above $1,800

Gold prices resume the bullish movement after the release of CPI data. The bullish breakout has strong upward momentum which means gold prices could continue upward to target $1,850 and higher. However, the market will observe the Fed’s reactions toward the data tomorrow. The market expects a rate-hike of 50 bps and a situation where the Fed will announce further slowing down on their interest-rate increase plan. If the Fed decides to maintain a hard stance on the interest-rate hikes then the bullish situation could change drastically.

Today’s critical levels to watch:

Support: $1,700, $1,680, $1,600, $1,585

Resistance: $1,780, $1,800

Silver reaches $23.90

Silver prices extend the upward movement and reached the $23.90 resistance level. The price will attempt to continue the upward movement to target $25.00 – $26.00 area next. If there is bearish correction then traders could use the moment to enter long positions at a lower level. Traders will monitor closely the market reactions after the Fed announcement tomorrow. If silver prices start to move lower again then $21.35 is the level to watch.

Today’s Critical levels to watch:

Support: $21.35, $20.00, $18.50, $17.73

Resistance: $23.00, $23.90

Crude oil target $77.13

Crude oil prices managed to bounce from the $70.00 support level and now continue adding more bullish pressure. The price will target the $77.13 level and test it. If the price gets rejected with strong bearish reactions then traders could enter short positions. On the other hand, a close above the level followed by a new higher high will become a major bullish confirmation.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $85.00, $90.00, $95.25