Gold more bullish pressure before The Fed

Today, the market focused on The Fed interest-rate decision. Consensus sees no rate-hike and expects The Fed announce future rate-cut. If a rate-cut scheduled then we could expect gold to continue its uptrend toward $1,380 – $1,400. On the other hand, if The Fed decided to stick with rate-hike forecast then we could expect gold to tumble and test $1,325 – $1,337 support.

Today critical levels to watch:

Support: $1,337, $1,325, $1,320, $1,300

Resistance: $1,380, $1,390

Silver traded upward, looking for a breakout above $15.00

Once again, silver approach $15.00 resistance after the bounce from $14.80 support level yesterday. The price has strong bullish momentum and might breakout above $15.00 this time. Traders might want to avoid short positions for now as we are nearing The Fed interest-rate announcement.

Today Critical levels to watch:

Support: $14.80, $14.40, $14.00

Resistance: $15.00

Crude oil possible W pattern

Crude oil launched from $52.40 and closed near $54.50 yesterday. We might have a W pattern on the making and the pattern will be confirmed when crude oil closed above $54.50. At the current time, no confirmation yet and it still possible for crude oil to get rejected from $54.50.

Today critical level to watch:

Support: $52.40, $50.00

Resistance: $54.50, $55.00