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                                  &middot; By <span itemprop="author" itemscope="" itemtype="http://schema.org/Person"><span itemprop="name">Margaret Yang Yan</span></span></p><span itemprop="publisher" itemtype="http://schema.org/Organization" itemscope=""><meta itemprop="name" content="CMC Markets" /><span itemprop="logo" itemscope itemtype="http://schema.org/ImageObject"><meta itemprop="url" content="https://assets.cmcmarkets.com/images/logo2x.png" /></span></span></div><div class="ArticleMain--Share col-xs-12 col-md-6 col-lg-4"><div class="ShareBlock"><span class="ShareBlock-title">Share</span><div class="addthis_custom_sharing"></div></div></div></div></div><div itemprop="articleBody" class="ArticleBody col-xs-12 col-lg-8"><div class="ArticleBody-Hero"><span itemprop="image" itemscope itemtype="http://schema.org/ImageObject"><img src="https://assets.cmcmarkets.com/images/sg_harvey_290817_medium.jpg" itemprop="url" alt=""></span></div><div class="row"><div class="ArticleBody-Copy col-xs-12 col-md-11 col-md-push-1"><p>Extreme weather conditions in Texas due to Hurricane Harvey combined with North Korea&rsquo;s newly launched ballistic missile over Japan this morning to trigger a new wave of the hunt for safety.</p><p>The gold price surged to its highest level since the November election and closed above the US$1,300 mark for the first time in nearly 10 months. The Japanese yen strengthened nearly 0.7% against the US dollar, to the 108.8 area this morning.&nbsp;</p><p>Crude oil prices are sinking as many refinery sites were closed due to Hurricane Harvey, delivering a negative impact to the economy. The damage brought by Harvey, which includes the cost of rebuilding, insurance and loss of jobs, is devastating.</p><p>Asian equities opened mostly lower and the S&amp;P 500 futures gapped down by nearly half a percent this morning. Pyongyang&rsquo;s decision to launch another ballistic missile today is a threat to the region&rsquo;s security, presenting a challenge to US efforts to pursue a diplomatic solution to the nuclear tension. &nbsp;&nbsp;</p><p>Technically speaking, the three US<a href="/en-sg/markets-indices"> indices </a>have entered into a technical correction since early August, and this trend has shown no sign of reversing yet. External factors &ndash; such as extreme weather and geopolitical tension &ndash; continue to weigh on market sentiment, and could potentially pave the way for a deeper correction. Similarly, Asian markets such as Singapore and Japan are also likely to be under pressure.&nbsp;</p><p><b>Technical Analysis:</b></p><p><u>Gold - Cash</u></p><ul><li>Breakout key resistance level of US$1,295, which will become a support level</li><li>10-Day Simple Moving Average sloped upwards</li><li>SuperTrend (10,1.5) is sloped downwards, suggesting more upside</li><li>Momentum indicator<a href="/en-sg/learn-trading/trading-charts"> MACD </a>attempted higher high, indicating strong upward momentum</li></ul><p><img src="https://assets.cmcmarkets.com/images/sg_chart_290817.png" /><br />
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