Gold trading near $2,000

The bullish pressure on gold prices seems waning as the price failed to close above $2,000 on the weekly chart. The price is currently under pressure but maintains a position near $2,000. This week, traders will continue to wait for a chance to enter long positions near the support level. If gold prices close above $2,000 at the end of the week then traders will expect a bullish continuation.

There is FOMC interest-rate decision this week which might cause the price trading sideway before the announcement.

Today critical levels to watch:

Support: $2,000, $1,953

Resistance: $2,074.69

Silver more consolidation between $25.00 – $26.00

The current trend of silver prices is bullish as the price has climbed above $26.00. However, silver price return inside the $25.00 – $26.00 area and expected to consolidate inside it for now. We might see a further bearish correction this week toward $25.00 before the FOMC meeting. If the price could bounce from the level then traders could enter long positions.

Today Critical levels to watch:

Support: $25.00, $23.90, $23.00

Resistance: $26.00, $27.50

Crude oil stick near $106.00

Crude oil prices undergo bearish correction since the $130.00 high. The price currently trading at the $106.00 support level and waiting for further clues. If the price continues the bearish movement then traders could use $100.00 as a level to enter long positions. There is no reason for traders to turn bearish yet as the Russia – Ukraine situation is unresolved.

Today’s critical level to watch:

Support: $106.00, $100.00, $90.00

Resistance: $130.00