Gold return inside $1,780 – $1,800 area

Gold prices pushed lower and closed below $1,780 after the Fed FOMC meeting. However, the price make a comeback yesterday and closed inside the $1,780 – $1,800 area. It seems the price will continue trading inside the $1,780 – $1,800 area for a while. Traders might want to continue waiting for a close outside of the range to get confirmation on where the price will move next.

Today critical levels to watch:

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

Resistance: $1,800, $1,850

Silver trading inside the yellow box area

Silver prices tested the bottom of the yellow box area and bounced from it. The price managed to reach the top of the range yesterday but no breakout. At the current time, the price is expected to continue trading inside the yellow box area, waiting for the breakout and close outside of it. If the price continues moving upward then the $25.00 – $26.00 area is the target. On the other side, if a bearish breakout happens then the price could continue down to retest $21.35.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil set to move lower toward $77.13

Crude oil prices staged a bullish recovery yesterday and reached the $82.72 resistance level. However, the price experienced another rejection and finally closed below the opening level. Under the current situation, the bearish correction toward $77.13 will continue and traders will wait for a test on $77.13. If the price could maintain the position above the level and bounce from it then traders will add more long positions.

Today critical level to watch:

Support: $77.13

Resistance: $82.72, $85.00, $90.00