Gold slowly up after SMA 200 bounce

Gold secured a bounce after the test of daily SMA 200, but it looks like no strong upward momentum produces yet. The precious metal is hovering just $10-$15 above the averages and risk further downward test. No suggestion yet at the current level and it is better to wait until stronger momentum move happen.

Today critical level to watch:

Support: $1,300

Resistance: $1,320, $1,325, $1,337, $1,340

Silver no close above $16.50 yet

The upward movement of silver stuck at $16.50 and settled below it in the previous week. The bull needs to push the price upward and close above the resistance. Otherwise, the bear might return to control and bring silver down to test $16.00 again.

Traders could look for a short position with a stop above previous week high.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00, $17.50

Crude oil surpass $70.00 mark

Crude oil finally reaches $70.00 as forecasted, the bull push the price further above the resistance and look to add more gain. Will crude oil continue upward or start a correction at the current level? Long-term we think crude oil has more room upward to $75-$77 before it will make a correction.

Today critical level to watch:

Support: $70.00, $65.78, $65.00, $62.80

Resistance: $75.00