Gold maintain bullish pressure after the bounce from $1,700

The upward movement of gold prices currently testing the previous week’s high. We think the price will continue trading sideways before the Fed FOMC meeting tomorrow. After the guidance announcement from the Fed, the market might start moving in a new direction.

The recent increase in U.S 10-year Treasury yield might lead the Fed to taper or other measures to control the inflation. It could mean no more accommodative policies on the economy and the rate might start moving up. Gold prices could benefit from the current situation and start a new bullish leg.

Today critical levels to watch:

Support: $1,700, $1,680, $1,550, $1,500

Resistance: $1,780, $1,800

Silver continues to stick near $26.00

Silver prices have a hard time breakout from the $26.00 resistance level. The price maintains the range between $25.00 – $26.00 and might continue to stick near the top of the range for now. Depend on the Fed result, the silver price could either breakout above $26.00 and continue the bullish trend or start moving lower to test $25.00 again.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00, $27.00, $30.00, $31.50

Crude oil time for a bearish correction?

Crude oil prices seem losing its bullish momentum near $65.00 and start moving lower. The price currently trade below $65.00 and testing the previous day low. If the price could print a lower close below the previous day’s low then a pullback toward $60.00 also $57.60 might happen.

Today critical level to watch:

Support: $65.00, $60.00, $57.60

Resistance: $67.20, $70.00