Gold out of $1,280 – $1,300 area

Gold is drifting lower below $1,280 – $1,300 as the stock market rallied under easing tension from North Korea. The price attempt to continue the downward movement today but has not seen a successful move below previous day low. Traders will wait for FOMC minutes of meeting release later today which means gold might continue sideway before the news release.

On the lower part, the blue trend line is a good place to look for a long position with a stop below previous swing low $1,251. As the outlook is bullish, it is better for traders to hold pushing “short order” button.

Today critical level to watch:

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

Resistance: $1,280, $1,300

Silver stick near $16.80

Bearish close on the silver daily chart is expected and projected will test the uptrend line. However, it looks like the bull decided to push the price up today and silver currently sticking near $16.80. If the price could close above $17.00 and followed by another bullish momentum above $17.20, it will confirm the bullish trend.

To overturn the long-term trend, the bull needs to print higher high above $17.73

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00, $17.50, $17.73

Crude oil bearish reaction on wider deficit

The price of crude oil fall after the release of crude oil inventory data which print 8.3 million barrels deficit compared to 3 million barrels deficit expectation. The daily outlook stays bullish as the price bounce from $47.00 and the trend line. However, if the price closed below the support level, it will threaten crude oil bullish outlook.

Traders could wait several hours to determine where crude oil will settle after traders digested the inventory data.

Today critical level to watch:

Support: $47.31, $47.00

Resistance: $48.00, $48.50, $49.00, $50.00