Gold bearish trap

Gold prices undergo bearish pressure yesterday before the Fed FOMC meeting announcement. However, the bearish pressure recedes and the price return above the opening level to close as a bullish pin bar pattern. At the current time, the price is climbing above the $1,780 level and set to close the day inside the $1,780 – $1,800 area.

If the price could continue to climb and close above daily SMA 200 or $1,800 at the end of the week then the bullish trend is set to continue.

Today critical levels to watch:

Support: $1,780

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

Silver bounced from $21.35

Silver prices were under pressure yesterday and managed to reach a level near $21.35. However, the bearish pressure recede and a bounce happened. The price closed as a bullish pin bar pattern at the end of the day. If the price could continue moving upward then it will target the yellow box area. A close above the yellow box area will become bullish continuation confirmation toward 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 stay above $70.00

Crude oil prices managed to bounce from the $70.00 handle yesterday. The price is expected to add more bullish gain and continue the upward movement to test $77.13. A close above $77.13 will nullify the previous breakout below the level with strong bearish momentum. Traders will continue to maintain long positions for now as long as the price stay above $70.00.

Today critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $71.22, $77.13