Gold trading between $1,900 – $1,953

The condition of the gold price is slightly bullish at the moment and consolidates between $1,900 – $1,953. The direction of the trend is bullish and any decline is an opportunity for traders to increase long positions. There will be an announcement of interest rates by the Fed which will affect the movement of gold prices. Regardless of the gold price reaction, traders should maintain bullish sentiment until there is a close below the daily SMA 200.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950, $2,000, $2,069, $2,074

Silver return above $23.00

Today’s increase in silver prices managed to break through the $23.00 level where traders speculate the Fed will not be able to raise interest rates. Even if the current moment is bullish, traders will wait for the results to be announced and the market reaction. If the price reverses down then there could be a bearish move towards $21.35.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude more bullish pressure above $70.00

OPEC has cut oil production again, which has pushed the price of crude oil up. The price bounced off the $70.00 point and also the trendline. Consolidation between the red and blue trendlines is likely to continue for now. If it turns out that the price moves down sharply and closes below the trendline then the bearish trend can continue.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00