Gold continues sideways

The movement of gold prices is sideways above the green box area and there is no change yet. The price might continue the ranging movement until the FOMC meeting. Traders will continue to hold long positions for now while expecting another bearish correction. When the bearish correction happens, traders could add more long positions near support levels.

Today’s critical levels to watch:

Support: $2,500, $2,400, $2,143

Resistance: $2,530, $2,611

Silver rejection from $29.00

The bullish attempt in silver prices experience bearish rejection from the $29.00 resistance level. However, there is no bearish follow-through this week as the price attempts to move upward. If the price could erase all of the losses and close above $29.00 then the bullish trend could immediately continue. At the current time, we have a lower swing high and the price is either will form a higher swing low or a lower swing low.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil supported by $67.20

The bearish pressure on crude oil prices continued as the price managed to reach the $67.20 support level. There are bounce reactions near the level and currently the price attempting to move upward to test $70.00. A close above $70.00 will become a bullish reversal confirmation. On the upside, the price needs to print a new higher swing high to reverse the bearish trend. On the lower side, a new lower swing low will confirm the continuation of a bearish trend.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00