Gold: Defending Support Above $4,000
Gold is back under bearish pressure while managing to hold its ground above the critical $4,000 psychological support level. As noted previously, if the bulls can successfully defend this zone and maintain positions above $4,000, we could see continued ranging movement pave the way for an eventual upside reversal. However, caution remains warranted; should the bears launch a sharp drop that triggers a daily close below $4,000, the technical bias will rapidly shift back to a more aggressive bearish stance.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver: Consolidation Within Yesterday’s Range
Silver mirrors Gold’s current behavior, facing similar bearish pressure while keeping its price action comfortably contained within yesterday’s trading range. This inside-day formation points directly to a period of near-term consolidation as the market catches its breath and weighs its next directional move near current levels.
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: Swift Recovery Toward $85.00 and Trend line
Crude oil experienced some initial selling pressure that briefly printed a lower low, but buyers stepped in swiftly to engineer a full recovery back above the opening level. With momentum stabilizing, the commodity looks poised to close out the weekly session hovering tightly near the major descending trend line and the $85.00 resistance area.
Today’s critical level to watch:
Support: $80.00, $77.13, $70.00, $67.20
Resistance: $85.00, $90.00, $95.00