Gold no direction yet

Gold prices hover above SMA 200 after the bounce, but showing no clear direction. The path is upward, but it is possible for the bear to push the price down to test $1,300 and the daily SMA 200 again. Traders could aim to add more long position if the precious metal takes a downturn and test SMA 200 again.

Today critical level to watch:

Support: $1,300

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

Silver sideline progress near $16.50

Silver rejected from the $16.50 resistance in the previous trading session and continue stick near the level. There is no direction and momentum movement yet, and it is better to stay flat. Long position was best taken only after the breakout above $16.50 and when retest happen.

Today critical level to watch:

Support: $16.00

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

Crude oil time to go South

Crude oil has reached the $70.00 resistance which is a round number also. The price closed at $69.99 indicating no break out happen yet. Today, the price started moving down and expected to start up to 5% correction before progressing higher. Traders could use the green box area as the level to look for a long position.

Today critical level to watch:

Support: $65.78, $65.00, $62.80

Resistance: $70.00, $75.00