Gold searching for floor

The gold uptrend has surpassed previous year high and stalled to clear the supply present at the high. Traders might see the precious metal corrected this week before the Fed Interest rate decision. Meanwhile, shorting at current level could be done with a short-term mindset. However, traders might want to cover when gold touched level near $1,340.

Long position around $1,337 – $1,340 is the trade to watch this week.

Today critical level to watch:

Support: $1,340, $1,337, $1,325, $1,320, $1,300

Resistance: $1,357, $1,360

Silver no direction

Silver settled between $17.00 – $17.50 in the previous week. Although the medium-term direction is up, this week it looks like the precious metal will move directionless until U.S interest-rate decision. If silver could move above $17.50, then we expect it will continue challenging $17.73. However, a lower move toward $17.00 might open a new bearish leg below it.

This week, traders could trade the range $17.00 – $17.50 while waiting for a breakout.

Today critical level to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50, $17.73, $18.00, $18.50.

Crude oil consistently higher

Crude oil prices made a consistent move higher, and there is no change to the analysis. What traders aim in the bullish trend is to enter on price correction. The nearest support level to watch is $65.00. Although the direction is up, there is possibility the black gold close below $65.00 by the end of the month.

Today critical level to watch:

Support: $65.00, $62.80, $62.50, $60.00

Resistance: