Gold cleared target

The target of gold bullish movement reached at $1,280 – $1,300 after series of uncertainties developing in the world. Tension on North Korean nuclear, Syrian attack, and various stance by Russia also China drive the market into the corner. A market participant looks more comfortable to flee to the safer asset, but if the situation developed into an uncontrolled situation, the market might start dumping all assets and flee to Treasuries.

From the technical view, gold is ripe for correction after the price reached $1,280 – $1,300 resistance area. If the price decides to make another push higher, it might encounter sell-off at $1,300. On the other hand, a correction needed and followed by consolidation. Depend on the political development, and gold might continue higher above $1,300.

Today critical level to watch:

Support: $1,280, $1,260, $1,250, $1,244

Resistance: $1,300

Silver reclaim $18.50

Silver finally reached its long-term resistance level at $18.50, and the price is reluctant to continue higher and make a mild bullish move. Currently, the price might reverse its direction under profit taking, and it might find support near the trendline.

The bullish trader will observe how the price reacted near the trendline. If there is bullish formation after the touch, they could place long position.

Today critical level to watch:

Support: $18.00, $17.80, $17.50, $17.20, $17.00

Resistance: $18.50, $18.95

Crude oil more room upside

There is more room for appreciation in the crude oil prices. The black gold is looking for support which lies at $52.40, and it will use the level for bounce and continue higher toward $54.50 resistance level. A bullish trader could place long position near the $52.40 handle with tight stop losses around $51.50.

Today critical level to watch:

Support: $52.40, $51.50, $50.00

Resistance: $54.50, $55.00