Gold cleared $1,260, on track higher

Gold jumped today above $1,260 after President Trump mentioned about taking action on North Korea. The market takes the statement as trouble and flight to the safe-haven asset such as gold. U.S dollar was also gaining on the statement by the President.

On technical, gold clearance of $1,260 open the way toward $1,280 – $1,300 which might be reached in several days or weeks. Traders who are long could hold the position longer, while trader who would place long position might be able to enter on a pullback.

Today critical level to watch:

Support: $1,260, $1,250, $1,244, $1,240

Resistance: $1,270, $1,280.

Silver bounce continuation

It is simple and straightforward for silver to move higher as the price bounced from the blue trendline and not touching it again. The price heading to $17.50 resistance and possible to continue toward $17.730 level. If the price stalled, it might bounce between $17.50 – $17.730 before deciding on next direction.

Today critical level to watch:

Support: $17.20, $17.00, $16.80, $16.00, $15.40

Resistance: $17.50, $17.73

Crude oil back below $50.00

Even though OPEC decide to prolong the production cut and there is a new member who joins the cut. It looks like the market receives the extension of production cut as negative and expect a higher cut or longer cut. Crude oil back below $50 and risk more downside if the price could not close above $50.00 for the week. Currently, there is trendline and past $48.50 support level which holds the price from the further slide.

Traders must observe the closing price of this week as it will determine next week trend.

Today critical level to watch:

Support: $49.00, $48.50, $48.00

Resistance: $50.00, $51.00, $52.40