Gold closed near $1,780

Gold prices attempting to recover its losses incurred last week. The price currently trading near the $1,780 – $1,800 area and will wait for a reaction. There is the Fed FOMC meeting which will decide tapering and interest rate today. Traders will watch closely the result of the meeting as it might trigger major volatility in the market.

Today critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800, $1,850

Silver return to the yellow box area

Silver prices broke below the yellow box area last week and are set to continue the bearish movement toward $21.35. However, the price make recovery before the Fed FOMC meeting. It is currently hovering below the yellow box area and waiting for a reaction. Will the price breakout above the yellow area and target $25.00 – $26.00 area next? Alternatively, will it resume the weakness toward $21.35?

Today Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil bounce from $70.00

Crude oil prices maintained a position above $70.00. There is a bounce reaction today and the price will attempt to surpass the previous day’s high. If the price could continue moving upward then we might see a bullish continuation toward $77.13. On the other hand, a close below $70.00 might trigger a sell-off toward $65.00.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13