Gold launched from $1,500 handle

The precious metal launched upward after the trade war between the U.S and China intensified. China slapped tariff toward U.S imported products. The event was detrimental to the market sentiment. President Trump tweeted that the U.S does not need China and pushed companies to find China alternatives. Moreover, the tariff of 30% will be implemented on October 1st instead of 25%. The additional tariff which will take hold on September 1st will be at 15% contrary to 10%.

Gold should continue its uptrend under the current situation and reach $1,550 in no time.

Today critical levels to watch:

Support: $1,500, $1,480, $1,450, $1,430

Resistance: $1,550

Silver ready to test $17.50

Similar to the gold movement, silver launched from the support level $17.00 and closed near $17.50 resistance. The precious metal will test the resistance this week and determine the next direction. We expect breakout and continuation toward $17.73 and $18.00

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50, $18.00

Crude oil bearish pressure to test the bottom of the channel

Crude oil tumbled below $54.50 support level and under risk to slip further lower. The price will target $52.40 if the bottom of the channel is broken. Meanwhile, traders will watch the price reaction at the bottom of the channel and use $54.50 as the level to place short positions.

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.00