Gold bearish pressure below $1,800

The upward movement of gold reversed yesterday after the Fed minutes of the meeting were released. In the minutes of the meeting, the Fed mentioned that they will pull the economic support and start raising interest-rate sooner than planned. It send a bearish indication to the market and gold prices closed lower. Today, the price continues the bearish movement and falls below daily SMA 200 also $1,800.

As long as there is no lower swing low, the bullish trend is expected to continue.

Today critical levels to watch:

Support: $1,780

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

Silver got rejected from the yellow box area

It seems the consolidation near the yellow box area ended with a bearish rejection. Silver prices fall with moderate bearish momentum and might target the $21.35 support level. If the support level is broken to the downside then traders will prepare for a long-term bearish continuation.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil breakout above $77.13

The consolidation near the $77.13 resistance level continue yesterday without closing above it. However, the price of crude oil staged a bullish rally today and breakout above the $77.13 resistance level. If the bullish momentum is maintained then the price is expected to reach $82.72 and $85.00 resistance levels. Traders could use the $77.13 level as the place to enter long positions when retests happen.

Today critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $71.22, $77.13