Gold tested $1,900

The bearish impulse remains in gold prices below the daily SMA 200 point. The price managed to reach $1,900 and there was a bounce in today’s trading. As previously written, the weakening of gold prices will likely continue ahead of the Fed’s announcement. However, there is a possibility that the price will climb upwards and close above the daily SMA 200 after the announcement and continue its bullish trend.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver tested previous swing low

A test of the previously formed swing low occurred in silver prices. A bounce reaction occurs and the price manages to recover near the opening point. The current situation in silver prices could turn bullish because there has been a test at the previous swing low point. However, prices may also hold near the swing low point ahead of the Fed’s announcement. Traders should wait for the market reaction after the Fed’s announcement.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil bullish continuation

The bullish movement of crude oil prices met no resistance at all from bear traders. The price continues to move up and forms a higher high. As previously written, the current bullish situation is strongly supported by fundamental factors so the bullish trend has a strong foundation. Traders can only wait for a bearish correction to have the opportunity to enter a long position.

Today’s critical level to watch:

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

Resistance: $85.00