Gold bearish breakout

Gold prices got rejected from the daily SMA 200 and $1,800 resistance level. The price fell sharply below the $1,780 level and confirm further weakness. No bearish continuation yet at the current time, if the price trade higher and test $1,780 – $1,800 area then traders could consider entering short positions.

Despite the bearish breakout, traders might want to be careful too as there is the FOMC meeting next week which will determine whether tapering will start or be canceled.

Today critical levels to watch:

Support: $1,780. $1,700, $1,680

Resistance: $1,800, $1,850

Silver breakout below the yellow box area

Silver prices dropped sharply yesterday and closed below the yellow box area. It seems the price will continue its bearish movement and target the $21.35 support level. At the current time, traders will monitor closely the price reaction nearing next week’s FOMC meeting.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil halt at the middle of $77.00 – $77.13

The bullish movement of crude oil prices seems to halt at the middle of $77.00 – $77.13. We expect the price to continue its bullish movement and suggest traders avoid short positions at least until a test on $77.13 happens. If the price starts moving lower again then $70.00 is the support level where traders could consider adding long positions.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13