Gold return inside $1,480 – $1,500

Gold hesitate to continue its bullish movement as Fed interest-rate decision loom. The precious metal pulled back below $1,500 and closed inside $1,480 – $1,500 range. It also closed below the top of the channel which means it might continue the bearish trend. At the current time, traders will wait for the interest-rate announcement by the Fed and the market reaction after the announcement.

Today critical levels to watch:

Support: $1,500, $1,480, $1,450, $1,430

Resistance: $1,550

Silver testing $17.73

The upward movement of silver stopped and the price retraced lower. At the current time, silver is testing the $17.73 support level. It might trade near the level until the Fed interest-rate announcement. We expect a bounce from the support level and continuation toward $18.50.

However, a rate-cut is undesirable for the bullish trend in Silver and traders might be open to bearish scenarios toward $52.40 and lower.

Today Critical levels to watch:

Support: $17.73, $17.50, $17.00

Resistance: $18.00, $18.50

Crude oil retracement toward $54.50

The retracement toward $54.50 finally happens and complete the retracement scenario. Traders could look for long positions between $54.50 – $55.80 with a stop below $54.50. If crude oil could not lift above $55.80 by the end of week then we might expect further bearish pressure toward $52.40.

Today critical level to watch:

Support: $54.50, $52.40

Resistance: $55.80, $57.60, $59.50, $60.00