Gold extends bullish movement

Gold prices are strengthening ahead of the Fed’s interest rate announcement. Traders seem to have positioned that the Fed will not be able to raise interest rates and it is time for gold prices to start their bullish trend again. However, currently, the market is still waiting for the Fed’s confirmation so the situation could reverse drastically. Traders will wait for the reaction after the announcement to confirm the direction of the next move.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950, $2,000, $2,069, $2,074

Silver trading toward $23.90

Silver prices have returned inside the $23.00 – $23.90 area and are now continuing to add to gains ahead of the Fed announcement. In terms of movement, currently, the price has bounced from the previous swing low point so the price will tend to be bullish towards the resistance point. Traders will observe the price reaction after the Fed announcement to confirm the continuation of the bullish movement.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil bearish correction

A bearish correction was experienced by the price of crude oil which has risen successively from the $80.00 point. The price briefly touched $90.00 and gave a bounce reaction. Currently, the price is trading near its opening level and is likely to close near it. Still like before, as long as prices continue to rise, traders can only wait. When the price falls and reaches a support point, traders can use this opportunity to enter a long position.

Today’s critical level to watch:

Support: $90.00, $85.00, $80.00

Resistance: $95.00