Gold was slightly higher before the FOMC meeting

Gold prices stage a bullish recovery before the Fed FOMC meeting today. The Fed expected to raise the interest rate by 50 bps which might trigger a sell-off in the market. Gold prices might continue to trade near the daily SMA 200 before the Fed announcement. Traders will observe the price movement after the announcement. If the price trade lower and close below $1,780 then the bearish movement is set to continue.

On the other hand, if the price stage rally and close above the daily SMA 200 then there is a chance of a bullish continuation toward $1,900.

Today critical levels to watch:

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

Resistance: $1,900, $1,953

Silver return above $21.35

Silver prices closed below the $21.35 level but currently trading upward and maintaining the level above it. Traders are preparing for today the Fed FOMC meeting which could trigger major volatility. If the price continues lower after the announcement and closes below $20.00 then the bearish trend will continue.

On the other hand, if the price stage rally then silver prices might target $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 slightly lower

Crude oil prices are on track to continue moving upward. However, a bearish correction could happen as the price is currently under bearish pressure. If the price starts a bearish correction then it could target the $106.00 level where traders could prepare long positions. On the other hand, if the price continue moving upward then it will target the $130.00 resistance level.

Today’s critical level to watch:

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

Resistance: $130.00