Gold closed below daily SMA 200

The bearish pressure on gold prices managed to break and closed below the daily SMA 200. At the current time, traders are preparing for the Fed FOMC meeting. If the fed raises the rate more than expected then we might see further strength in the U.S dollar and weakness in gold prices. On the lower side, $1,780 – $1,800 is the bearish target and possible bounce area.

A breakout and close below $1,780 might become a major bearish signal for gold prices.

Today critical levels to watch:

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

Resistance: $1,900, $1,953

Silver hanging near $21.35

Silver prices follow gold prices movement to move lower and print a bearish close below the support level. The price closed below $21.35 and might continue the downward movement toward the $20.00 handle. Traders will monitor closely the price reaction near the current level for now. If the price could close above $21.35 at the end of the week then we might see upward movement toward the $23.00 – $23.90 area.

Today’s Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil on bullish track

The bearish pressure on crude oil prices has receded yesterday and the price made a bullish close. No change to the bullish situation of crude oil prices which are expected to target the $130.00 handle. Traders could only wait for a bearish correction toward support levels to enter long positions.

Today’s critical level to watch:

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

Resistance: $130.00