Gold testing daily SMA 200

The bearish pressure looks to ease near the daily SMA 200 point where the gold price is currently located. The movement of gold prices seems to be sideways ahead of the Fed’s interest rate announcement. A triangle pattern is formed which indicates the current sideway situation. Traders will wait for movement and closing outside the area to confirm the next direction. In the long term, the situation is still bullish, but traders will be prepared if a bearish scenario occurs.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver trade near $23.00

Silver prices closed below $23.00 so the bearish situation is likely to continue. If the price continues to weaken, the previous swing low point can become a target for decline. For now, traders will be watching the price reaction near the $23.00 mark. If the price can move up sharply and erase the previous decline then the situation can turn bullish.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil more bullish continuation

The trend in crude oil prices is bullish and the continuation of the upward movement is imminent. If the price experiences a bearish correction then the previous swing high point will become a support point where traders can wait for a bullish reaction. A further decline toward $80.00 is acceptable and a chance for traders to enter more long positions.

Today’s critical level to watch:

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

Resistance: $85.00