Gold: Trades Around $4,600 as Bearish Correction Continues
Gold traded back and forth within a moderate daily range, returning near its opening level around $4,600. While the primary market direction remains tilted to the upside, the price is currently undergoing a short-term bearish correction. On the lower side, the $4,549 level and the daily SMA 200 serve as the key support zone for traders looking to monitor potential long position setups.
Today’s critical levels to watch:
Support: $4,546, $4,500, $4,380, $4,250, $4,000
Resistance: $4,700
Silver: Continues Consolidation Beneath $70.00 Resistance
Silver continues to move sideways, consolidating just below the major $70.00 resistance level. Price action remains tight as the market digests recent gains, lacking immediate directional momentum. A clear daily breakout above $70.00 will be necessary to unlock further upside toward the upper descending trendline, while the $64.00 area continues to serve as the main horizontal support line on any pullbacks.
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: Rebounds Within Symmetrical Triangle Pattern
Crude oil traded upward following a bearish attempt yesterday that saw prices approach the lower boundary of its technical structure. The rebound keeps the asset bound within the ongoing symmetrical triangle pattern. As price compression within the triangle continues, traders will look for a definitive breakout above resistance or below support to signal the next macro direction.
Today’s critical level to watch:
Support: $80.00, $77.13, $70.00, $67.20
Resistance: $85.00, $90.00, $95.00