Gold reach the $1,780 – $1,800 area

Gold prices pushed lower after the Fed FOMC meeting yesterday. The Fed decides to hold interest-rate steady but see earlier rate-hike in the 2023 vs. 2024 plan. Gold prices currently testing the $1,780 – $1,800 area which is a strong support area. If the price could bounce from the area with a strong bullish reaction then traders could enter long positions.

On the other hand, breakout and close below the level could send the price down to test the previous double bottom pattern.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900, $1,950, $2,000

Silver set to test $25.00 – $26.00

The bearish pressure finally pushed the silver price down below $27.50. There is bearish follow-through today which brings the price down toward the $25.00 – $26.00 area. Traders will observe the price reaction near the area and enter long positions when there is a major bullish reaction. At the current time, it is better to wait and see as the bearish pressure has strong momentum.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35, $20.00

Resistance: $27.00, $29.00, $30.00, $31.50

Crude oil bearish close

Crude oil printed a bearish close yesterday but not a significant one. The price seems to continue to maintain the current level and avoid further weakness today. Not much change to the bullish outlook yet. Traders could use the $70.00 support level to enter long positions when a bearish correction happens.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13