Gold print more record high

Escalation of tension regarding Greenland has been the major driving force of the current rally in gold prices. The price run up more than $100 today and on the path to target $5,000 level. However, Trump called-off new tariff toward Europe related to Greenland and not planning military advance. It cools the market, but the underlying issue has not resolved regarding Greenland. Traders could expect volatility to stay at high level and gold prices to consolidate and attempt another bullish move to target $5,000 next.

If the price turn lower, then the $4,670 – $4,700 could become the focus for bullish reactions.

Today’s critical levels to watch:

Support: $4,500, $4,380, $4,300, $4,250, $4,200

Resistance: $4,670

Silver stay at high

Silver prices under slight bearish pressure, but maintain its position near the recent highs. No major bearish correction in silver prices as the price keep grinding higher. A significant bearish correction could happen anytime, but traders will keep holding long positions for now. If a bearish correction occurs, then the previously broken swing high at $83.91 is the level to watch for bounce reactions.

Today’s critical levels to watch:

Support: $83.91, $80.00, $70.00

Resistance: $85.00

Crude oil building momentum

Crude oil prices might be opened lower today, but it immediately recovers and currently trade above $60.00 also near yesterday’s closing level. We maintain bullish view on the price for now and expect crude oil to climb & close above $62.00. On the lower side, if the price fall below $58.67 then we might observe for bearish reversal chance.

Today’s critical level to watch:

Support: $60.00, $57.60, $55.00, $54.50, $52.4

Resistance: $62.00, $65.00, $67.20, $70.00, $77.13