Gold slightly lower after $1,430 test

The consolidation near $1,430 in the previous week ended with the gold prices closed lower. It is not an indication that the price will start moving lower. This week, the price might continue its consolidation near $1,430 until the Fed interest-rate announcement. Traders might want to stay sidelined until the announcement and the market reaction materialize in the precious metal movement.

Today critical levels to watch:

Support: $1,400, $1,390, $1,380

Resistance: $1,430, $1,450, $1,500

Silver maintain the level near $16.50

Although the price closed lower below $16.50 at the end of the previous week, Silver maintains its bullish pressure toward the resistance level. This week, silver might attempt to move higher and test $16.50 again. Traders will wait for the market reaction near the resistance after FOMC meeting to determine the precious metal next direction.

Today Critical levels to watch:

Support: $16.00, $15.60, $15.20

Resistance: $16.50, $16.80

Crude oil extend consolidation inside $55.80 – $57.60

The consolidation inside $55.80 – $57.60 expected to continue this week after crude oil close inside the range. We have seen a strong reaction from the upper and lower level of the range but without any close outside the range means traders could continue to apply ranging strategies.

However, this week FOMC meeting might trigger a momentum movement which might move outside of the range.

Today critical level to watch:

Support: $55.80, $55.00, $54.50

Resistance: $57.60, $60.00, $65.00