Gold retest $1,586.15 resistance

Iran launched missile attacks on U.S base in Iraq yesterday. The situation trigger risk-averse sentiment in the global market and gold prices spike above $1,586.15. The upward movement of gold lasted for short time and currently the price has returned below the resistance level.

If the tension between U.S and Iran continue then traders could expect further upside in the gold prices.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver testing the resistance $18.50

Silver prices also experienced buying spree today. But, the bullish pressure recede immediately and currently silver traded near its opening level. If the price could not maintain its bullish pressure then traders will expect short-term correction toward $17.73.

We think the price has more upside opportunity as the tension between U.S and Iran continue.

Today Critical levels to watch:

Support: $18.00, $17.73, $17.50

Resistance: $18.50, $19.00

Crude oil restest $65.00

Oil is the major commodities in the Middle East and conflict between U.S and Iran will threaten the world oil supply. Crude oil jumped and tested $65.00 resistance today. It is rejected from the resistance and currently traded near its opening level. As long as the conflict continue, crude oil might continue moving upward above $65.00 soon.

Today critical level to watch:

Support: $60.00, $59.50

Resistance: $65.00