Gold waiting for the FOMC meeting

Gold prices halted its upward movement at the $1,850 resistance level. The price might continue trading sideline for now while traders wait for the Fed FOMC meeting today. The Fed expected to announce an interest-rate hike in March and announce the further plan on consequent rate-hike.

More rate-hike planned is bad for the equity market but might not be bad for gold prices. If the price continues the upward movement above $1,850 then we might see gold prices hanging near $1,900 or $2,000 this year.

Today critical levels to watch:

Support: $1,800, $1,780

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

Silver closed inside the yellow box area

The bearish pressure on silver prices pushed the price lower to close inside the yellow box area. The price has not printed another lower low on the chart and currently trading sideways. Similar to the gold prices situation, traders will wait for the Fed announcement today to determine the next direction. If the price continues moving upward then it will target the $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil stick near $82.72 – $85.00 area

Crude oil prices maintain the sideway situation near the $82.72 – $85.00. The overall trend is bullish which suggests continuation to target $90.00 and $100.00 resistance levels. However, traders will stay cautious and wait for the reaction after the FOMC meeting. If crude oil prices started another bearish correction then $77.13 might become the bearish target.

Today critical level to watch:

Support: $82.72, $80.00

Resistance: $85.00, $90.00, $100.00