Gold hanging at the middle of $1,953 – $2,000

Gold prices made a sharp move up yesterday from $1,953 to close in the mid-$1,953 – $2,000 range. The price of gold has the opportunity to continue its bullish trend and aim for new record highs. For now, the price movement is likely to be in the range of $1,953 – $2,000 and traders will be watching for further developments. Any dips that occur are opportunities for traders to enter long positions. However, if the bearish correction persists then the daily SMA 200 could become a downside target.

Today’s critical levels to watch:

Support: $1,950, $1,900, $1,850

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

Silver stick near $25.00

The bullish pressure from the silver price is still ongoing but there is no close above $25.00 yet. Prices are likely to consolidate near the $25.00 point until the Fed rate announcement next week. If the price weakens from $25.00 then traders can wait near the $23.00 – $23.90 area for opportunities to add to long positions.

Today’s Critical levels to watch:

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

Resistance: $25.00, $26.00

Crude oil bullish reversal?

The increase was experienced by the price of crude oil today to the point of $77.13. But the price experienced a bearish rejection and is now trading near its opening point. There is a possibility that the price will continue to move near the $77.13 level until the announcement of the Fed next week. Traders will continue to watch the development of the price movement near the $77.13 point for now. Further decline to the blue trendline will be an opportunity for traders to add to long positions.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00