Gold bounce or further retest?
Gold made a bounce in the previous day and surpassed the Wednesday high before close inside the Wednesday range.The situation looks bullish, but not enough confirmation yet to tell the price will continue upward. Will gold continue higher and close above previous day high? Alternatively, will gold fall again and test SMA 200 & blue trendline?
Today critical level to watch:
Support: $1,300
Resistance: $1,320, $1,325, $1,337, $1,340
Silver no close above $16.50 yet
Silver bull notched another win in the previous day as the price climbed slowly.However, there is no close above $16.50 resistance yet and suggest the silver range between $16.00 – $16.50 has not broken yet. Traders could continue observing the price movement and where the price closed at the end of the week. If silver closes below $16.50, then it might be the time to take a short position.
Today critical level to watch:
Support: $16.00
Resistance: $16.50, $16.80, $17.00, $17.50
Crude oil ready to snatch $70.00
Crude oil respected the trendline and bottom of green box support levels. The price bounce higher and almost reached the top of the green box. We expect the price continues its upward movement and break the top of the green box to reach $70.00.
Today critical level to watch:
Support: $65.78, $65.00, $62.80
Resistance: $70.00