Gold tests major resistance trendline
Gold has officially made contact with its major descending trend line and is currently attempting to break through. Traders are closely watching this test to see whether the price gets rejected or secures a strong daily close above the line to confirm a breakout. The broader technical view continues to favor the bears, with expectations that the trend line will hold firm and keep short positions favored as the primary downtrend resumes.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver continues corrective push within broader downtrend
Silver extended its upward movement, maintaining a bullish corrective structure for now. However, as long as the price fails to print a higher swing high, the overarching market trend remains firmly bearish. The current rally is still viewed as temporary relief, with expectations intact for a eventual reversal toward the primary downside targets at $54.00 and $50.00.
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 challenges descending trend line above $85.00
Crude oil successfully extended its bullish momentum above $85.00 and reached the major descending trend line. While the price is showing a minor intraday reaction at this technical boundary, buyers currently maintain the upper hand. A clean breakout above the trend line could unlock further upside potential, whereas a firm rejection at this zone may spark a pullback to retest the $77.13 support level.
Today’s critical level to watch:
Support: $80.00, $77.13, $70.00, $67.20
Resistance: $85.00, $90.00, $95.00