Gold closed below $1,780

The Fed officially start tapering which caused gold prices to close lower yesterday. The price closed below $1,780 but there is no bearish follow-through today. Gold prices move upward instead and enter the $1,780 – $1,800 area again. If the price could continue moving upward and close above $1,800 then the bullish trend could continue.

Today critical levels to watch:

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

Resistance: $1,800, $1,850

Silver bounce from the bottom of yellow box

Yesterday, silver prices were under pressure but managed to bounce from the bottom of the yellow box area. The price formed a bullish pin bar pattern and there is a bullish continuation today. At the current time, the price is trading at the top of the yellow box area and might attempt for a breakout. If a bullish breakout happens then the price could continue moving upward to the target $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 closed below $82.72

A close below the $82.72 level happened yesterday as the market mostly reacted bearishly against the Fed tapering plan. However, the bearish pressure does not last and the price currently stages a bullish attempt toward $82.72. Will crude oil prices continue lower to test $77.13 where traders could use the moment to enter long positions? Alternatively, will it breakout above $85.00 to continue the bullish trend?

Today critical level to watch:

Support: $82.72, $77.13

Resistance: $85.00, $90.00