Gold bullish continuation

Gold prices, not stopping the upward movement as we are nearing the Fed’s FOMC meeting. A rate-cut is expected, which reflected in current price movement. If there is no rate-cut then we might see major bearish reversal in the gold prices. Under current situation, it might be better to wait the result of FOMC meeting. Traders who has long positions will continue to hold the positions with stop below $3,500.

Today’s critical levels to watch:

Support: $3,500, $3,400

Resistance: $3,650, $3,835

Silver to target $44.357

The situation is bullish and there is no major bearish reversal sign. Silver prices could continue the upward movement, and traders better avoid shorting for now. If the price turn lower, then there are two support level to watch, $41.632 and $39.50 – $40.00. Traders will continue to accumulate long positions for now while expecting U.S dollar to continue its weakness.

Today’s critical levels to watch:

Support: $41.632, $40.00, $38.80, $35.25

Resistance: $44.357

Crude oil return to box area

Crude oil prices losing the bearish pressure and look to start climbing. As we mentioned before, a close above $67.20 will become the key event to watch. The price need to print new higher swing high to break the bearish structure. Otherwise, the price might resume the bearish movement to target $60.00.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13