Gold retest of SMA 200 & $1,300

Gold reached the test level of daily SMA 200, trendline and $1,300 support level. The precious metal showed a mini bullish reaction and bounced the price to $1,305. It is not a clear bounce yet and the day has not closed yet. It is possible for the bear to push the price lower and close it below $1,300 to continue the bearish pressure tomorrow. However, it is possible for the bull too to close the price above the blue trendline and start a bounce.

Traders will observe where the price closed at the end of the day.

Today critical level to watch:

Support: $1,300

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

Silver break or bounce?

Silver suffer more losses after the selling below $16.50. The price hit $16.00 support level today before the bull return and erase half of the losses incurred today. Similar to gold, the price has not closed yet and tomorrow will be the important moment for the bull to bounce the price. The bull failure will lead to breakout below $16.00.

Today critical level to watch:

Support: $16.00

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

Crude oil time to bounce?

The weakness of dollar opposite instrument also overcome crude oil bull. The price hovered lower today and touch the bottom of the green area where there is trendline also. If the bull could maintain the range, then we might see crude oil start moving higher and attempt to reach $70.00.

Today critical level to watch:

Support: $65.78, $65.00, $62.80

Resistance: $70.00