The bull scores above $1,250 but defensive
Gold prices close above $1,250 was bullish, but it looks like the bull play it defensively. There was an attempt to move higher, but the price closed as long-legged doji which show indecision. The price itself fall today and testing $1,250 level. If the price closed below the major support level, it might cancel the bullish outlook and put gold back lower to test the daily SMA 200.
Traders could expect big movement tomorrow as The Fed prepares to announce the interest-rate decision.
Today critical level to watch:
Support: $1,250, $1,244, $1,240
Resistance: $1,258, $1,280, $1,300
Silver neutral situation
The price of silver stalled in the previous trading session, the price move down $0.04 compared to Friday closed. Today, the bear return to the market and attempt to push the price lower, initially it was successful, but when U.S session started the price bounced up. Currently, the price sitting near the opening prices and back in the neutral situation.
Similar to gold, silver will wait for The Fed announcement tomorrow. If the price starts to reverse at the current level and closed below $16.00, it is not favorable for the bull and could trigger sell-off to create lower low.
Today critical level to watch:
Support: $16.00, $15.61, $15.00
Resistance: $16.50, $16.80, $17.00
OPEC positive development for crude oil
On Monday, Saudi Arabia pledge to cap oil export at 6.6 billion barrels per day and Nigeria who was exempt from the production cap decides to join the band. Nigeria announced they would limit future production to 1.8 million barrels per day. Both decisions helped the crude oil to bounce after it pressured down on Friday. The price bounced near $45.30 support level and currently moving above $47.00. It looks like
It looks like the black gold will continue its upward movement to test $49.00. If there are other countries such as Libya join the production cap, it might help to push crude oil prices up.
Today critical level to watch:
Support: $47.00, $46.45, $46.00, $45.50
Resistance: $47.31, $48.00, $48.50