Gold major bearish pressure

Gold prices started the week with a major bearish movement below the daily SMA 200. The price currently trading near last week’s low and will attempt to close below it. Traders and investors are monitoring the Fed interest-rate decision this week. The Fed expected to increase the rate by 50 bps and announce further cuts as inflation continues to increase.

Gold prices might continue moving lower and target the $1,780 – $1,800 area.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,953

Silver breakout below $21.35

Silver prices continue moving lower this week, a breakout below the $21.35 support level. The bearish movement might extend toward the $20.00 support level. Currently, traders will monitor the price movement closely while the Fed announces interest rate this week. A major bullish reversal with a close above $21.35 at the end of the week will open the path toward $23.00 – $23.90.

A close below $21.35 at the end of the week is bearish for silver.

Today’s Critical levels to watch:

Support: $21.35

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil slight bearish correction

Crude oil prices trading lower on the daily chart but maintain its bullish track. If the price starts a bearish correction then traders could wait near the $106.00 level. We think the price could continue the bullish trend and target the $130.00 resistance level in the long term.

Today’s critical level to watch:

Support: $106.00, $100.00, $95.25, $90.00

Resistance: $130.00