Gold pauses at key support
Gold prices have paused their downward momentum after hitting the significant $4,000 psychological level. Although the market witnessed a slight bullish attempt today, the upside remained heavily limited. The price action is expected to move sideways around this current threshold with an underlying bearish bias. While further downside below $4,000 remains the broader expectation, the market may consolidate and stick close to this level ahead of next week’s key jobs data release.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver mostly sideways
Silver has spent the session moving mostly within yesterday’s trading range, consolidating its recent steep losses. The overall bearish technical outlook is firmly maintained, with the lower targets still set at $54.00 and $50.00. Should the metal stage a short-term bullish correction, the previous swing low area between $61.00 and $64.00 is expected to turn into a solid resistance zone to cap any counter-trend rallies.
Today’s critical level to watch:
Support: $54.00, $50.00
Resistance: $64.00, $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil bullish reactions at $70.00
Crude oil found demand at the $70.00 psychological level, sparking a notable bullish reaction that managed to erase nearly half of yesterday’s sharp decline. If buyers can establish a definitive bullish follow-through in the upcoming sessions, a broader upward bounce could unfold. However, despite this temporary relief, the structural trend keeps a bearish extension on the table, with a lingering possibility that the price may still press lower to completely close the previous price gap.
Today’s critical level to watch:
Support: $70.00
Resistance: $77.13, $80.00, $85.00, $90.00, $95.00