Gold hold decline near $1,300

Gold prices are hanging higher after the drop from $1,337 and below the trendline. The bull is attempting to reduce selling pressure and manage to close the day as a bullish candlestick. Though, the bullish candlestick is small size compared to the bearish candle which broke below the trendline.

The interest-rate announcement by the Fed today might feed volatility into gold and move the precious metal either higher or break below $1,300.

Today critical level to watch:

Support: $1,300, $1,280, $1,258

Resistance: $1337, $1,390, $1,400, $1,430

Silver projected range between $17.00 – $17.73

The drop below bullish channel gives blow to the silver bull. Fortunately, $17.00 hold its ground against selling as expected. If bounce happen and silver turn upward, it will test $17.73 once again. Meanwhile, traders could look to trade the bounce between the range. However, a strong bearish momentum below $17.00 might jeopardize the bullish outlook on silver.

Today critical level to watch:

Support: $17.00, $16.80

Resistance: $17.50, $17.73, $18.00, $18.50

Crude oil more long-legged doji

Long-legged doji is a sign of indecision and multiple candle pattern formed on the daily chart means the market is jittery and looking for a breakout. The formation of long-legged doji on crude oil near $50.00 means traders & investors area considering if the level is reasonable. Possible cause of this is the FOMC meeting later today which will decide U.S dollar future rate and also the crude oil inventory data.

We stay optimistic crude oil might finally break the $50.00 resistance level, but always ready if it reverses down rejected by the red trendline.

Today critical level to watch:

Support: $49.00, $48.50, $48.00, $47.31

Resistance: $50.00