Gold touched $1,280 – $1,300

Gold price is bullish and reclaimed $1,280 it lost in June. There is nothing to stop the advance of the precious metal as tension built up between North Korea and U.S. It will not take long before gold bull brings the price higher at $1,300 and break 2017 high.

The level between $1,280 – $1,300 is a good place to look for the short position, but traders suggested to stay sidelined for several days and observe the bullish momentum.

Today critical level to watch:

Support: $1,258, $1,250, $1,244, $1,240

Resistance: $1,280, $1,300

Silver launch above $17.00

The price closed between $16.80 – $17.00 in previous trading session and the bull followed through by bringing silver above $17.00. The move print higher high on the daily chart which is bullish and silver might continue upward to next resistance at $17.50 – 17.73.

We think, in the long-term, silver will reach $18.50 again and might break it this time. The reason is bear trapped after breakout below $16.00 not followed by strong momentum downward. The bull may stay cautious though as today trading session has not ended yet and the price could close as bearish candle below $17.00.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance:

Crude oil stay inside range

EIA reported a wider deficit of 6.3 million barrels compared to forecast 2.6 million barrels deficit which was good for crude oil bull. Unfortunately, the price has not made a move as expected to break above the consolidation range. Crude oil currently continues trapped inside $48.50 – $50.00 range and might proceed inside it.

If the price could close above $50.00, it will trigger more buying, and it should happen soon, or the bear will push the price lower.

Today critical level to watch:

Support: $49.00, $48.50, $48.00, $47.31

Resistance: $50.00