Gold failed to close above $1,500

Gold opened higher in the Monday trading session, the price attempted to move further upside. However, the upward movement lost momentum and at the end of day gold closed below $1,500.It means the consolidation between $1,480 – $1,500 will continue. We expect gold to move sideways until the FOMC meeting this week. It is better to stay sideline for now.

Today critical levels to watch:

Support: $1,480, $1,450, $1,430

Resistance: $1,500, $1,550

Silver returned above $17.73

Initially, Silver closed below $17.73 and suggested further weakness. But, the precious metal stages a rally yesterday and managed to secure a close above $17.73. Silver might consolidate near $17.73 until this week FOMC. Traders will wait for sideline until the interest-rate announcement before placing any positions.

Today Critical levels to watch:

Support: $17.73, $17.00, $16.80

Resistance: $18.00, $18.50

Crude oil bullish pressure from the fundamental side

The attack on Saudi’s oil production facilities halved the kingdom’s oil output. It created disruption in the oil supply and brought crude oil prices higher. Crude oil jumped above $60.00 and closed above it. At the current time, crude oil might continue to add gain and target $65.00 handle.

Today critical level to watch:

Support: $60.00

Resistance: $65.00