Gold return above $2,000

The Fed FOMC meeting is the most anticipated event this week which will give clues on the market direction for the rest of this year. If the Fed decides to stop the interest-rate increase then we will see bullish movement in the global stock market. However, if the Fed decides to maintain its hawkish outlook then the market will take a bearish turn for the short-term until the Fed could not raise interest-rate anymore.

Gold prices will continue the bullish movement and traders will continue to use each bearish correction as a chance to enter more long positions.

Today’s critical levels to watch:

Support: $1,950, $1,900, $1,850

Resistance: $2,000, $2,069, $2,074

Silver return inside $25.00 – $26.00

Silver prices trading between the $25.00 – $26.00 area as mentioned before. The price will continue the consolidation while waiting for further bullish pressure. If the price continues moving lower then the $23.00 – $23.90 area will become the area to watch to enter more long positions. On the upside, we think silver prices will surpass $26.00 level this year and target next resistance levels.

Today’s Critical levels to watch:

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

Resistance: $25.00, $26.00

Crude oil reach $70.00

Crude oil prices continue under bearish pressure after the price got rejected from the $77.13 level. The bearish pressure pushed the price down to reach the $70.00 support level. In the previous bullish attempt, the price managed to print a higher high. If the price print a higher low near the $70.00 handle or the previous swing low then the bullish trend could continue.

Today’s critical level to watch:

Support: $77.13, $70.00, $65.00

Resistance: $80.00, $85.00, $90.00, $95.25