Gold on the verge of testing SMA 200

Gold bounce from the level near $1,280 almost reached the daily SMA 200. The upward momentum might come to a pause when the bull is testing the resistance. Situation favor bearish bounce from the SMA 200 which might be triggered by Jerome Powell speech today.

Traders could start looking for a short position near the averages with a tight stop above the SMA 200.

Today critical level to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver stay climb above $16.50

Silver bull finally manages to break above $16.50 after several days test. The precious metal might continue upward to $16.80 – $17.00 before turn direction. A slip below $16.50 by the end of the week is not desirable, and the bull should avoid it. Otherwise, a bearish continuation toward $16.00 is warranted.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil ready to test $70.00 handle

Crude oil correction from the target first Fibonacci extension level soon will reach $70.00 handle. When the test happens, traders could look for a long position as it will be a high-odds setup. For conservative traders, a bullish candlestick pattern is needed before jumping in position.

Today critical level to watch:

Support: $70.00, $65.78

Resistance: $72.49, $75.00