Gold pushed lower below $2,000

Gold prices undergo a bearish correction before this week’s FOMC meeting. It seems the bearish correction has moderate pressure and soon will test the $1,900 handle. We think the bullish trend will continue after the FOMC meeting result announcement. However, traders might prepare for the unpredictable by placing stop below the daily SMA 200 or $1,850 in case a major bearish reversal happen.

Today critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,953, $2,000, $2,074.69

Silver pushed below $25.00

Silver prices follow gold prices movement, moving lower below the support level and might extend the weakness until this week’s FOMC meeting. On the lower side, $23.00 – $23.90 are the levels to watch. If the price could return inside the $25.00 – $26.00 area then traders could add more long positions with $27.50 as a bullish target.

Today Critical levels to watch:

Support: $25.00, $23.90, $23.00

Resistance: $26.00, $27.50

Crude oil under bearish pressure below $100.00

The bearish correction on crude oil prices brought the price down below the $100.00 handle. No sign of bullish reversal yet as the price currently getting near $90.00. If the bearish pressure receded then traders could add more long positions near the support level with levels above $100.00 as targets.

Today’s critical level to watch:

Support: $90.00

Resistance: $100.00, $106.00, $130.00