Gold continues sideways

There is not much development in gold prices as it consolidates above the green box area. The price might continue the sideways movement for now until the Fed FOMC meeting next week. In the long term, we expect gold prices to continue its climb to print new record highs. Traders will stay cautious on the interest-rate announcement as it might create high volatility movement in gold prices. If the price corrected lower then traders could use it as a chance to add more long positions.

Today’s critical levels to watch:

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

Resistance: $2,530, $2,611

Silver below $29.00

There was bearish pressure on silver prices but yesterday the price managed to reverse the bearish pressure and made a bullish close. The situation is neutral right now as silver prices trading below the $29.00 level. It might continue lower to target the $25.00 – $26.00 area. Alternatively, silver prices could climb and close above $29.00 to resume the bullish trend.

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 bearish continuation

Crude oil’s bearish trend continued below the $70.00 level and managed to reach $65.00 handle. A new lower swing low printed and there is no change in direction yet. If the price started a bullish correction then traders could wait near the $70.00 handle for bearish reactions. When there is bearish reactions, traders could enter short positions targeting $65.00 and a new lower swing low.

Today’s critical level to watch:

Support: $70.00

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