On Thursday (September 14th), gold prices remained below the 200 day moving average, and bearish impulses still persisted. The price successfully reached $1900, and there was a rebound in today's trading. Silver prices have been tested against previously formed fluctuating lows. After the price low point occurred, there was some rebound, and the price successfully rebounded close to the opening price. The bullish trend of crude oil prices did not encounter any resistance from bearish traders, and prices continued to rise and form higher highs.
On Thursday (September 14th), the US producer price PPI data was better than expected, with an August reading of 0.7% and an expected reading of 0.4%, higher than the revised 0.4% increase from last month (0.3% before correction). Despite the increasing inflationary pressure brought by PPI data, the overall increase is mainly due to the rise in gasoline and energy prices. The core PPI (excluding food and energy prices) data is expected to be 0.2%, lower than the 0.4% recorded last month.
Gold Test $1900
The gold price is still below the 200 day moving average, and the bearish impulse still exists. The price successfully reached $1900, and there was a rebound in today's trading. Gold prices may continue to weaken before the Federal Reserve announces the news. However, after the news is released, prices may rise and close above the 200 day moving average, and continue to be bullish.
Key levels worth paying attention to:
Support level: $1900, $1850
Resistance level: $1950, $2000, $2069, $2074
Low fluctuation point in the early stage of silver testing
Silver prices have been tested against previously formed fluctuating lows. After the price low point occurred, there was some rebound, and the price successfully rebounded close to the opening price. The current situation of silver prices may turn bullish as the previous low volatility has been tested. However, prices may also remain near volatile lows until the Federal Reserve announces the news. Traders should wait for market reaction after the Federal Reserve announces the news.
Key levels worth paying attention to:
Support level: $21.35, $20.00
Resistance level: $23.00, $23.90, $25.00, $26.00
Crude oil continues to rise
The bullish trend of crude oil prices did not encounter any resistance from short traders. Prices continue to rise and form higher highs. The current bullish situation is strongly supported by fundamental factors, so the bullish trend has a solid foundation. This indicates that the increase in crude oil prices is not only technical, but also fundamental support. Due to the current bullish market trend, traders may have to wait for a period of time until there is an opportunity for a downward trend in the market before adopting a long trading strategy.
Key levels worth paying attention to:
Support level: $80.00, $77.13, $70.00, $65.00
Resistance level: $85.00
