Gold back inside range

The precious metal drifted lower, but it returned inside $1,200 – $1,220 range. This movement closes the temporary scenario for gold to either move lower or higher. We can expect the precious metal consolidate between $1,200 – $1,220 until the end of this week.

The interest-rate announcement by The Fed might move the price today. But without any surprise such as rate increase or rate decrease, expect no movement in gold.

Today critical level to watch:

Support: $1,200, $1,184, $1,180, $1,166, $1,160, $1,150

Resistance: $1,220, $1,250

Silver seized $17.50

The break above $17 happened and the price continues upward to $17.50 resistance. Silver might continue higher to $18.50 soon, but it might come down to test $17 – $17.20 area first.

Today critical level to watch:

Support: $17.20, $17.00, $16.75, $16.50, $16.40

Resistance: $17.50, 18,50

Crude Oil no change in direction

Triangle formation in crude oil not yet broken, the price continue moving inside the consolidation pattern. Today crude oil inventories show surpluses of 6.5 million barrels compared to 2.6 million barrels prediction. The consolidation might come to an end soon after barrages of news this week.

Today critical level to watch:

Support: $52.40, $51.93, $50.50, $50.00, $49.60

Resistance: $54.50, $55.00