Gold continues upside after surpass SMA 200
The price of gold took an upward route after it closed above the daily SMA 200. Currently, gold is testing the broken trendline. It looks like the price will close near the trend line and wait for next direction. Judging from the candlestick, there is enough momentum for the bull to bring the price further upside.
If the price could close above the trend line, it looks like gold will start a medium-term bullish trend. (The price currently at July opening price).
Today critical level to watch:
Support: $1,244, $1,240, $1,235, $1,220
Resistance: $1,250, $1,258
Silver rally above $16.00
Silver unexpectedly bullish and move above $16.00 handle though it recently breaks below the support level. The price closed above $16.00 provides enough reason for the bull to return to the market. On the upside, the price will test $16.80 – $17.00 if momentum continues strong.
Fortunately, the strength in silver mostly due to weakness in U.S dollar which continues to print new low this year. If the index finds bottom and starts reversing its course, silver might resume slide.
Today critical level to watch:
Support: $16.00, $15.61, $15.00
Resistance: $16.50, $16.80, $17.00
Crude oil pause near resistance
In the previous day, crude oil closed lower and showed possible bearish reversal. Fortunately, it looks like the bull only takes breather and manage to bring the price higher to test previous day high. Currently, the price of silver hovering just below $46.45 – $47.00 resistance area. The bull needs to close the price above $46.50 to gain an advantage in next trading day.
If the price closed as bearish candlestick today, it will confirm previous bearish sentiment and start a new slide in crude oil prices.
Today critical level to watch:
Support: $46.00, $45.30, $44.75
Resistance: $46.45, $47.00, $47.31, $48.00, $49.00