Gold: Intraday Recovery Threatens Bearish Follow-Through
Gold initially experienced bearish follow-through after forming a daily bearish engulfing pattern, but buyers stepped in to spark a strong intraday recovery back toward the opening price. If price action holds these gains and continues to push higher, the initial breakdown could prove to be a false move, reigniting upside momentum back toward major technical barriers.
Today’s critical levels to watch:
Support: $4,250, $4,000
Resistance: $4,380, $4,500, $4,546
Silver: Defends $64.00 Support Level
Silver continues to hold its ground above the $64.00 breakout mark, with buyers actively defending this key support zone. An immediate bounce from current levels keeps the broader bullish structure intact for an extension toward the $70.00 target. Conversely, a daily close below $64.00 would weaken the short-term outlook and open the path toward $60.00.
Today’s critical level to watch:
Support: $64.00, $54.00, $50.00
Resistance: $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude Oil: Consolidates Inside Yesterday’s Range at Trend line
Crude oil generated a positive reaction off the trend line, though price action remains largely confined within yesterday’s trading range. With directional bias currently neutral, the market is waiting for a clear breakout: an upside close above $85.00 would confirm a bullish breakout, while a drop back below the trend line could drive prices lower toward $77.13 and $70.00.
Today’s critical level to watch:
Support: $80.00, $77.13, $70.00, $67.20
Resistance: $85.00, $90.00, $95.00