Gold return above daily SMA 200

Gold prices moved up following a bounce from a spot near $1,900. This bullish situation is likely to persist ahead of the Fed’s interest rate announcement. If gold prices continue their bullish movement after the Fed’s announcement then the trend may change back to bullish. A close above the $1,953 level could be a confirmation of the continuation of the bullish trend.

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 moved up and closed near $23.00 at the end of last week. Currently, the bullish pressure continues and the price has risen above the $23.00 mark. The possibility of bullish movements will still be limited ahead of the Fed’s interest rate announcement. The price could consolidate near $23.00 while waiting for confirmation of the next direction of movement after the Fed’s interest rate announcement.

Today’s Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil extends bullish movement

The bullish situation is still ongoing and there is no indication of a bearish reversal. A bearish correction is likely to occur in crude oil prices shortly. However, that is not a confirmation for traders to enter a short position. Traders should wait for the price to reach the support point for the opportunity to enter a long position.

Today’s critical level to watch:

Support: $85.00, $80.00

Resistance: $90.00, $95.00