Gold sideways movement

Gold prices are currently experiencing sideways movement while waiting for the Fed meeting. There is a possibility that the price will continue its bearish correction toward the green box area or Fibonacci Retracement level. Traders can wait near the area for a bullish reaction and an opportunity to enter a long position. In the long term, the trend is still bullish and gold prices have the opportunity to continue their increase to form a new record high.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver trading sideways

Just like gold prices, silver prices appear to be moving flat and awaiting further confirmation. If the price continues its weakness then the $25.00 – $26.00 area will be a downside target that traders can look at. Broadly speaking, the price has formed a lower swing high point and a lower swing low point for the short term. If the price manages to fall below $26.00, a medium-term lower swing low point will be formed which can change the direction of the trend to bearish.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil resumes bearish movement

Bearish pressure continues on crude oil prices. The price has fallen below the $77.13 level and also formed a lower low. If the price continues to weaken and forms a lower swing low point, the trend will be bearish for the long term. The downside target is the $70.00 point if the price manages to form a lower swing low.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00