Gold under pressure

Gold stick near the bottom of the blue channel and continuously testing the support level. There is no bullish sign yet even though the precious metal hovering near the support. This week, the market is focusing on the Fed interest-rate decision. The expectation is an increase of 25 bps in the interest-rate which should put more bearish pressure on gold prices.

If the bull could hold out, then we could see gold continue its bullish scenario inside the blue bullish channel.

Today critical level to watch:

Support:  $1,310, $1,300

Resistance: $1,325, $1,337, $1,340

Silver further weakness?

Silver closed outside of the orange box and descended lower. The price expected to continue its bearish movement and reach $16.00 support level. Will the bear produce a breakout lower below $16.00 and extend the bearish trend toward $15.60 and lower?

Today critical level to watch:

Support: $16.00

Resistance: $16.30, $16.50, $16.80

Crude oil stays directionless

The price of crude oil stays near the triangle range and continue its sideways trend. The range of consolidation is $60.00 – $62.80. There is no breakout yet, and traders could continue to watch the range for placing position. A short position could be taken after bearish pattern near $62.80 with a stop above $63.30.

Today critical level to watch:

Support: $60.00, $59.00

Resistance: $62.50, $62.80, $65.00, $65.78