Gold back inside $1,280 – $1,300

Gold price is in full retreat in the previous week since the precious metal decline from $1,337. Currently, it looks like the price will move between $1,280 – $1,300 area. Bullish scenario is favored as gold recently challenge its resistance.

Traders could look for a long position either from $1,280 or the blue trendline. There is ongoing German election which might influence the market this week.

Today critical level to watch:

Support: $1,280, $1,258

Resistance: $1,300, $1337, $1,390, $1,400, $1,430

Silver support at $16.80

The downward pressure on silver reached $16.80 – $17.00 support area. There is a temporary sign of hold, but silver has not fully escaped the short-term bearish trend. If the price could hold position above $16.80, it is a good sign bounce is in progress and silver could target $18.50.

Today critical level to watch:

Support: $16.80

Resistance: $17.00, $17.50, $17.73, $18.00, $18.50

Crude oil stay above $50.00

There is good news on crude oil as the price maintain a position above $50.00. Oil producers meeting in Vienna confirmed production cut of 1.8 million barrels per day since the beginning of 2017. Although there is no consensus on the extension of production cut till March 2018, there are possibility oil producers will reach an agreement by the end of the year.

Looking at the crude oil movement on the daily chart, it will target $52.40 on its way upward.

Today critical level to watch:

Support: $50.00, $49.00, $48.50

Resistance: $51.00, $52.40