The bullish movement of gold prices loss pressure and start moving lower again after touch the level near previous swing high. It turned lower and reached the level near green box area again. We are nearing the Fed FOMC meeting this week, which is the reason for the current downward movement. Overall, the trend is bullish for long-term, but it is sideways for now. After the Fed FOMC meeting, traders will get confirmation on where the price will move next.
Silver prices is in a bearish correction phase now and might target the $37.265 level. If the price could reach the level and show bullish reactions, then traders could enter long positions targeting $40.00 and $40.757. On the lower side, a close below $35.25 will become our invalidation confirmation for bullish trend.
Crude oil prices range span between $65.00 – $70.00 and the price need to close outside the range to confirm the next direction. Under current situation, the price might continue ranging between $65.00 – $70.00 and traders will wait for a close outside the range. Otherwise, traders could use the range to apply range trading strategies.
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