Gold not leaving $1,780 – $1,800 yet

The movement of gold prices continues sideways inside the $1,780 – $1,800 area. The market seems to wait for the Fed FOMC meeting this week which is expected to announce more aggressive tapering. Traders will wait for gold prices to leave the $1,780 – $1,800 area to confirm the next direction. Meanwhile, long positions are favored with a stop below the previous swing low.

Today critical levels to watch:

Support: $1,780

Resistance: $1,800, $1,850, $1,953, $2,000

Silver hanging near $21.35

The overall short-term trend of silver is bearish as the price approaches the $21.35 support level. No bearish continuation yet and the price has not reached the level. If the price manages to reach the level and form a major bullish reaction then traders could enter long positions. On the upside, a close above the yellow box area will confirm bullish reversal and continuation to retest the $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil consolidation above $70.00

Crude oil prices have reclaimed the $70.00 handle and currently trading above it. We might see the price continue consolidate for now until the Fed announcement. If the price reverses the upward movement and falls below $70.00 again then the bearish movement could continue to target the level below $60.00. On the upside, $77.13 is the bullish target for the current upward movement.

Today critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $71.22, $77.13