24K99 News Tuesday (September 20) Asian market intraday, spot gold fell from the intraday high close to $1,680/oz, and the price of gold has now fallen to around $1,674/oz. The latest article by the well-known financial website FXDailyReport analyzes the technical trend of gold, silver and U.S. crude oil.
The U.S. Federal Open Market Committee (FOMC) will hold a monetary policy meeting from Tuesday to Wednesday, and is expected to raise the benchmark interest rate by at least another 75 basis points, and may even raise interest rates by 100 basis points.
Analysts pointed out that if the Federal Reserve unexpectedly raises interest rates by 100 basis points, it will stimulate the dollar to rise sharply and put precious metals such as gold and silver under huge downward pressure.
The following is the main content of the article written by FXDailyReport:
gold
Will the price of gold continue to fall?
Gold prices are under bearish pressure and trade below $1680/oz. Gold prices are likely to remain under downward pressure ahead of this week’s FOMC meeting. Traders will be closely watching the price reaction following the announcement of the rate decision. If gold prices continue to fall and make new lows, the bearish trend will target the $1585-1600/oz area.
Important levels to focus on today
Support: $1,600/oz; $1,585/oz
Resistance: $1680/oz; $1700/oz; $1780/oz; $1800/oz
(Source of spot gold daily chart: FXDailyReport)
silver
Silver price shows bullish reaction
There was a strong bullish reaction in silver prices over the weekend. This could signal a bullish reversal in silver prices towards the $20.00 mark. However, this week’s bullish run has yet to extend. Traders will be keeping a close eye on price action ahead of the FOMC meeting.
Important levels to focus on today
Support: $18.50/oz; $17.73/oz; $17.50/oz; $16.00/oz
Resistance: $20.00/oz; $21.35/oz
(Source of spot silver daily chart: FXDailyReport)
U.S. Crude Oil Futures
Oil prices are under bearish pressure
Crude oil prices barely held above $85 a barrel over the weekend. However, the price is currently under bearish pressure and will continue the bearish move. Traders will continue to focus on closing levels after this week’s FOMC meeting. A close above $85.00/barrel is extremely bullish and could open a fresh bullish run.
Important levels to focus on today
Support: $85.00/barrel
Resistance: $90.00/barrel; $95.25/barrel; $100.00/barrel
(Source of daily chart of U.S. crude oil futures: FXDailyReport)
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