Gold tumbled after the FOMC result announcement

The market reacted bearishly to gold prices after yesterday’s FOMC meeting result. This year, the Fed expected to increase the interest rate in March. In the meeting, the Fed chief sounded hawkish as he mentioned more room for rate-hike. Gold prices are currently under pressure and fall below daily SMA 200 also $1,800. It might continue lower to test the $1,780 support level next.

Despite the situation, we think gold prices have the potential to continue moving bullishly when inflation continues climbing.

Today critical levels to watch:

Support: $1,800, $1,780

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

Silver breach the yellow box area

Silver prices pushed lower and could not maintain the level above the yellow box area. At the current time, the price has strong bearish momentum and might extend the movement toward the trendline and $21.35. Without a bullish reaction, it is better to stay cautious and not add more long positions for now.

Today Critical levels to watch:

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

Resistance: $25.00, $26.00

Crude oil extend bullish close

Crude oil prices bounced from $82.72 and closed above $85.00 yesterday. The price is expected to continue the bullish movement and target $90.00 and $100.00 resistance levels. The only way for the bear to seize control is bringing the price down and close below $82.72. Traders who have long positions will continue to hold the positions as long as crude oil prices stay above $82.72.

Today critical level to watch:

Support: $82.72, $80.00

Resistance: $85.00, $90.00, $100.00