Gold hanging near record high

The increase in gold prices formed a record high point and there was a bearish correction. It can be seen that the bearish correction that occurred was not significant, which indicates high buying interest. However, currently the movement of gold prices looks sideways and we are waiting for the results of the Fed’s announcement. If the gold price makes a bearish correction after this then traders can wait at support points for long position opportunities.

Today’s critical levels to watch:

Support: $2,074, $2,069, $2,000

Resistance:

Silver testing $25.00 – $26.00

A bullish movement in commodity prices this year is a high possibility. Silver price has reached the $25.00 – $26.00 area and is currently testing it. A breakout and close above this area is a strong confirmation of the continuation of the bullish trend. If a bearish correction occurs to the $23.00 – $24.00 area traders can use this opportunity to add to long positions

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil consolidates between $77.13 – $80.00

The price of crude oil has exceeded the $80.00 point and a higher swing high point has formed. The bullish movement will continue and traders will wait for a bearish correction in crude oil prices as an opportunity to add to long positions. There is no change in the situation and traders should continue to avoid short positions.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $85.00, $90.00