Gold trade near $1,953

The increase in the price of gold experienced a bearish reaction near the point of $1,953 so there was no continuation of the bullish movement yet. This week, the price might continue to test the $1,953 point and traders will watch the price reaction. If the downside persists in the gold price then traders will take the opportunity to enter long positions near the daily SMA 200. The Fed meeting will take place on September 21st so there is a possibility of a sideway move in gold prices between the daily SMA 200 and $1,953.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950, $2,000, $2,069, $2,074

Silver is set to test $23.90

The downside in silver price is underway now after testing near $25.00. No higher swing high points have been formed so there is a risk that the bearish trend can continue. Traders will be watching the reaction of the price near the $23.90 mark this week. If the price can bounce and move up then there is a chance of bullish continuation to test the $25.00 – $26.00 area.

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil bullish continuation

A higher swing high point was formed in last week’s trading. Apart from that, the price also made a strong bullish close near its highest point in last week’s trading. This could indicate that the bullish movement will continue this week. Due to this bullish situation, traders should avoid short positions and continue to maintain long positions if they still have them from the $77.13 or $80.00 points.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00, $65.00

Resistance: $85.00