Gold consolidating

After a sharp decline, gold prices reacted by bouncing from the 50% Fibonacci Retracement point and closed bullish yesterday. Prices currently appear to be moving sideways inside the green box area ahead of the interest rate announcement by the Fed. If the price continues to weaken and forms a lower swing low point then the direction of the next movement will still be bearish. Meanwhile, if there is a strong bullish bounce and increase then there is a chance of a higher swing high point forming.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver testing $29.00

Silver prices are back under bearish pressure today after yesterday’s bullish bounce. The price still seems to be hovering near the $29.00 mark and traders will wait for further reaction. If the price continues to weaken then the $25.00 – $26.00 area could be the next target of weakness. The Fed meeting this week is likely to be the key to the direction of the next movement in silver prices.

Today’s Critical levels to watch:

Support: $30.00, $26.00, $25.00, $23.90, $23.00

Resistance: $31.50, $35.25

Crude oil closed above $77.13

The price of crude oil did not experience rejection at $77.13 and managed to close above it. With the current movement, there is a possibility that the price will continue its increase towards the $80.00 level. Traders will observe current price movements. If the price succeeds in forming a higher swing high point, it will cancel the bearish scenario that is occurring.

Today’s critical level to watch:

Support: $77.13, $70.00

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