Gold all green toward $1,280 – $1,300

Gold made a decisive movement in the previous trading day. The price tested the $1,250 level and grazed long-term trend line support it used as a support level. After this bullish close in price, it looks like the price of gold will continue to move higher toward the $1,280 – $1,300 area.

The Fed confirmed the rate outlook in U.S dollar as unchanged and told the market they would start shrinking the balance sheet. Traders may need to be careful though as U.S dollar might find support soon and bounce at an unpredicted time.

Today critical level to watch:

Support: $1,258, $1,250, $1,244, $1,240

Resistance: $1,280, $1,300

Silver ready for test of resistance

Silver also enjoy bullish movement after The Fed decision in the previous trading session. There is no higher high yet printed on the chart and silver is getting near to challenge previous lower high. If the price could break higher, it will warrant further upside in silver prices toward $17.50 – $17.73

Today critical level to watch:

Support: $16.50, $16.00, $15.61, $15.00

Resistance: $16.80, $17.00

Crude oil higher but limited below $49.00

A string of good data and announcement around the world put crude oil higher toward the nearest resistance. The price continued its upward movement today but limited below $49.00 as in our previous analysis. The price of crude oil might have topped at $50 in the second-half of this year but higher above $45.00.

The price might continue moving sideway between $48.00 – $49.00 until next direction decided.

Today critical level to watch:

Support: $48.50, $48.00, $47.31, $47.00

Resistance: $49.00, $50.00