Gold bullish continuation

Ahead of the Fed’s interest rate announcement, gold prices experienced a significant increase. If the price continues its strengthening, it will target the previous record high point. Of course, this will be influenced by the results of the announcement and also the market reaction afterward. If there is a surprise interest rate cut earlier then there will be an increase in the price of gold. However, if the cuts are on schedule, namely in September, gold prices are likely to move flat with a bullish bias.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver moving toward $29.00

Silver prices are attempting to move back above the $29.00 mark. As noted previously, the price needs to quickly rise back above $29.00 to cancel the current bearish situation. If the price experience bearish rejection then there is a possibility of continuation of the bearish movement towards the $25.00 – $26.00 area. Traders can wait for the daily close to determine the next direction of silver price movement.

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 return above $77.13

Crude oil prices escaped bearish pressure today and soared above $77.13. With the price returning above $77.13, the current price situation is bullish and has the opportunity to continue towards $80.00. Traders will be watching today’s close to determine whether the current bullish run can continue. A bearish reversal followed by the formation of a lower swing low will invalidate the current bullish scenario.

Today’s critical level to watch:

Support: $70.00

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