Gold bounce reaction

Gold prices bounced from the 50% Fibonacci Retracement level with strong bullish momentum. The price is set to continue the bullish movement now. However, the bounce happened before the Fed FOMC meeting this week. It might be a buy the rumor and sell the news. Nothing is set on the stone yet for gold, traders who enter long positions, will place stop order below the latest swing low. Or at least at break even, anticipating high volatility after interest-rate announcement. There is potential the price could continue the bullish movement to target $3,650 then $3,835.

Today’s critical levels to watch:

Support: $3,250, $3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver reverse the direction

Silver prices trading upward today, but stay inside Friday’s candlestick range. The price might attempt to extend the bullish movement and target a new higher swing high to confirm the bullish continuation. On the upside, $35.25 is the bullish target. If the price experience bearish reversal, then we might see a triangle formation where the price trading sideways.

Today’s Critical levels to watch:

Support: $32.50, $31.50, $30.00, $29.00

Resistance: $33.00, $35.25

Crude oil bearish continuation

Crude oil prices turned lower and getting near the $54.50 level or previous swing low. The price showed bounce reactions, but it might be a temporary reaction. Traders who has short positions from $65.00 resistance level, will continue to hold the positions with stop above $60.00. If the price could secure a close above $60.00 then the bearish trend might pause or end.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13