Gold hanging near record-high

Gold prices extended its bullish movement just before the Fed FOMC meeting. The market is optimistic that the price will continue the bullish trend as the Fed will start cutting interest rates. There is no change to the bullish outlook of gold prices and traders will wait for a bearish correction. When the price started another bearish correction, traders could wait near the support level for a chance to enter long positions.

Today’s critical levels to watch:

Support: $2,530, $2,500, $2,400

Resistance: $2,611

Silver targeting $31.50

Silver prices continue moving upward but undergo bearish pressure today. It seems traders are securing positions before the announcement of interest rates by the Fed. We think the price could continue the bullish trend and target $31.50 also a new higher swing high. If the price is pushed lower toward the $29.00 level then traders could use it as a chance to enter more long positions.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil is trading near $70.00

Crude oil’s return is above the $70.00 handle and is currently supported by the level. The price will wait for further reactions after the Fed interest-rate announcement. If the price turns lower and resumes the bearish movement then the bearish trend will continue. On the other hand, if the price continues the upward movement then it will target the $77.13 level.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00