Gold more consolidation between $1,780 – $1,800

The price is under pressure between $1,780 – $1,800 resistance area before the Fed FOMC meeting today. Traders will wait for the closing level at the end of the day to determine the next direction. It is either a close above $1,800 or below $1,780 to confirm the next direction. At the current time, the market seems betting on a bearish breakout as the Fed might be pushed to alter strategies aggressively to combat inflation.

Today critical levels to watch:

Support: $1,780, $1,700, $1,680

Resistance: $1,800, $1,850

Silver targeting the bottom of the yellow box?

Silver prices are currently under pressure and have entered the yellow box area again. The price might continue moving lower and test the bottom of the yellow box area. As long as there is no breakout and a close below the area, there is a chance for bullish reversal and continuation toward the $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil stick inside $82.72 – $85.00

No breakout yet from the $82.72 – $85.00 which is expected as traders wait for the Fed FOMC meeting and job data this week. Traders will continue to hold long positions and add more positions when the price makes a bearish correction to retest $77.13. Traders will avoid short positions as the trend is bullish.

Today critical level to watch:

Support: $82.72, $77.13

Resistance: $85.00, $90.00