The pair traded again above 104.00 and is getting further positive catalysts that support the bullish bias intraday, whereas SMA 50 and 100 are still supporting the pair from the downside. Hence, the bullish scenario remains valid in the upcoming period as long as the pair stabilizes above 102.35.

The pair ended last week's trading above 172.60 and started this week more positive attacking the resistance of the descending channel showing on graph, and is providing signals of a possible return of the overall upside move supported by SMA 50 and 100 that are supporting the price from the downside. Therefore, we think there will positve trading this week targeting 174.15 then 175.35, while achieving them requires stability above 171.90.

In our last technical comment on crude, we have defined 95.25 to be the level that will ease the path towards 97.00 with a breakout above it. Actually, bulls succeeded in achieving a convenient daily closing above this level along with a positive crossover on MACD. Meanwhile, we can see how the closing was also achieved above SMA20 and that suggests further strength over upcoming sessions. Finally, 94.50 becomes new defensive level.

Silver continued to consolidate after failure to breach through the important 19.65-20.00 resistance levels as seen on the provided daily chart. SMA20 is still acting as a good ceiling also and that should assist bears to resume their southern trip. However, we will be prudent until the metal takes out 19.30-19.25 regions to join bears this week. On the upside, 20.00 should hold to affirm the bearishness favored for intraday and short-term trading.