Gold waiting for trigger above $1,800

Gold price closed the day on the negative side though maintain the position above the $1,800 handle. The price will wait for Jerome Powell’s speech today. Rising inflation is the main topic for the Fed to handle. If either tapering or interest-rate increase is chosen then we might see weakness in the equity market and switch to precious metal assets.

A successful bounce from the $1,800 handle could lead the gold price higher to test $1,850 and daily SMA 200.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900

Silver waiting for bullish momentum

Silver price situation is bullish but the price closed lower yesterday. Traders seem to wait for further clues from Jerome Powell’s speech. Yesterday, the Fed chief affirm to the market that there will be no change to the Fed policies despite the rising yield in the U.S treasury.

Under the current situation, traders who have no long positions will wait for a bearish correction in silver price before entering positions.

Today Critical levels to watch:

Support: $27.00, $26.00, $25.00, $21.35, $20.00

Resistance: $30.00, $31.50

Crude oil higher high but bearish close

There is no stop to the bullish pressure in crude oil prices yet. The price managed to print a higher high yesterday though it closes lower at the end of the day. If the price moves lower, then the $60.00 handle is expected to provide support. Traders will wait for a bearish correction to enter long positions. On the upside, $65.00 is the nearest target.

Today critical level to watch:

Support: $60.00, $57.60

Resistance: $65.00