Gold bearish close before FOMC meeting

Gold prices made a bearish close yesterday, left the $1,780 – $1,800 area before today’s FOMC meeting announcement. It seems the market betting on the increase of the U.S dollar after the announcement of more aggressive tapering. No lower swing low printed which means there is a chance of reversal. However, if the price continues moving lower then traders will target the $1,680 – $1,700 area next.

Today critical levels to watch:

Support: $1,780

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

Silver continue trading sideway

Silver prices are not far from the $21.35 support level. The price made a bearish close and printed a new lower low yesterday. Will the price continue lower and test the $21.35 support level? It is possible a test will happen and traders will observe the reaction near the support level. If there is a major bullish reaction then traders could enter long positions.

Today Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil holding near $70.00

Crude oil prices closed lower yesterday but maintained a level above $70.00. The price continues under bearish pressure today but the next direction might be confirmed after today’s FOMC meeting. We still think the price could continue moving upward to target the $77.13 resistance level. A bearish breakout might happen today but traders will observe the closing level at the end of the day to get confirmation on where the price will move next.

Today critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $71.22, $77.13