Gold extended bullish movement

The bounce from the 50% Fibonacci level gaining more bullish momentum today. Gold prices surpassed previous week’s high and now on the path upward to target previous swing high. Anything could happen as the Fed’s FOMC meeting looming. Gold prices might continue upward to print a new record high, or it could reverse downward aggressively and resume the bearish correction. Nevertheless, at the current time, the situation is bullish and traders better keep holding long positions.

Today’s critical levels to watch:

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

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

Silver testing $33.00

Silver prices experience bullish pressure again and currently trading near the $33.00 level. The price will attempt to break out and continue the bullish movement to target $35.25 resistance level next. Despite the current situation, the price has printed higher low and lower high, which mean it is a sideways situation. The next higher swing high or lower swing low will confirm the price direction.

Today’s Critical levels to watch:

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

Resistance: $33.00, $35.25

Crude oil bullish correction

After the latest bearish pressure, crude oil prices reversed its direction and currently trading upward. It might be a temporary movement before bearish continuation. On the lower side, a new lower swing low will confirm the bearish trend. Meanwhile, if the price continues moving upward and close above $65.00 then we will have a double bottom pattern confirmed. Traders who want to speculate with long positions will place stop order below the latest swing low. Meanwhile, traders who take short positions will use $65.00 as invalidation confirmation.

Today’s critical level to watch:

Support: $60.00, $52.4

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