Gold ready to settle inside $1,200 – $1,220

Gold drifted lower on the last day of July and risk to close inside $1,200 – $1,220 area. The precious metal is losing value, following the direction of global equities after selling on Monday. Traders and investors are preparing for The Fed rate decision on Wednesday and adopting rate-increase approach.

Market sentiments will depend on rate decision, and no rate-hike could reverse the overall direction from bearish to bullish for gold.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver no prospect to move above $15.60

Silver is hovering at the bearish area and has no fuel to move above $15.60. The close below $15.60 will break the status quo between $16.00 – $18.50 since the beginning of 2017. It means silver might continue bearishly the rest of the year. However, there is rate announcement by The Fed this Wednesday. A sudden change in the outlook could reverse silver direction.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil to close near $70.00

The price of crude oil traded near $70.00 and a little bit lower today. It is expected to close near the resistance level and stick inside the triangle pattern shown on the daily chart. Traders will wait for the monthly close to determine medium-long term trend.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50