Gold on the way to the sky

The breakout above $1,300 does not take long consolidation, and gold continues on the path higher without re-test of broken resistance. The trigger for this upward movement is North Korean missile above Japan which invite reaction across the world.

Traders could expect more upward in gold prices as tension will continue to increase (Hopefully there is no war outbreak after this event).

Today critical level to watch:

Support: $1,300, $1,280, $1,258, $1,250, $1,244

Resistance: $1337

Silver just several cents below $17.73

Silver prices experienced strength following the flight to safe-haven assets and U.S dollar dumping. The bull is testing $17.50 currently, and it looks like the price will continue higher to test $17.73 soon. The break and close above $17.73 are indications to move toward $18.50 target.

Today critical level to watch:

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

Resistance: $17.50, $17.73

Crude oil bearish scenario on the card

Crude oil prices closed below the trend line and confirmed the bearish scenario in crude oil. In the long-term, the price expected to continue lower and test this year low at $42.05. There is no change to the long-term trend yet as long as there is no lower low printed. Traders could prepare a long-term strategy for bullish position when the price test support level.

Today critical level to watch:

Support: $45.30, $45.00

Resistance: $46.50, $47.00, $47.31, $48.00