Gold moving toward daily SMA 200

Gold price bounced down from $1,953 and is now heading towards the daily SMA 200. Traders can wait near the daily SMA 200 for a bullish reaction. When a bullish reaction occurs, it is confirmation for traders to enter a long position. However, weakness may persist until the Fed’s announcement this month on the 21st. Traders should wait for strong confirmation before entering a position.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver moving back inside $23.00 – $23.90

The decline in silver prices is still ongoing where prices have now entered the $23.00 – $23.90 area. Consolidation can take place inside the area and traders will wait for a close outside the area to confirm the direction of the next movement. If the price continues to move down and forms a lower swing low point then the trend will turn bearish again.

Today’s Critical levels to watch:

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

Resistance: $25.00, $26.00

Crude oil bullish continuation

As written in the previous analyses, when the price of crude oil manages to return above $77.13 and then forms a higher swing high point, the bullish trend can continue. Currently, the price is moving up and there is no indication of a bearish reversal. Traders who have long positions from a spot near $77.13 will hold onto those positions for now.

Today’s critical level to watch:

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

Resistance: $85.00