Gold: Bearish Correction Underway Toward $4,546 Target Zone
Gold remains in an ongoing bearish correction within its broader uptrend. Price action is tilting downward toward the $4,546 support level and the daily SMA 200. The market does not necessarily need to touch both levels and could reverse upward at any time given the overarching bullish structure. However, if the price reaches this support zone and finds solid footing, traders can look for confirmation to enter long positions.
Today’s critical levels to watch:
Support: $4,546, $4,500, $4,380, $4,250, $4,000
Resistance: $4,700
Silver: Climbs Above $70.00 to Print New Higher High
Silver showed fresh bullish momentum today, pushing above the major $70.00 psychological level to print a new higher high. Buyers are attempting to maintain upward pressure through the session. A daily close above $70.00 is necessary to confirm a valid upside breakout, which would open the path toward the upper descending trendline. Should the breakout fail to hold, the price may return to consolidate above lower support levels.
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: Symmetrical Triangle Consolidation Persists
Crude oil continues to compress within its symmetrical triangle structure. Price action remains bound between the lower ascending support line and the upper descending trendline, capped near $85.00. With momentum currently neutral inside the narrowing range, traders should await a decisive daily breakout above resistance or below support to establish the next directional trend.
Today’s critical level to watch:
Support: $80.00, $77.13, $70.00, $67.20
Resistance: $85.00, $90.00, $95.00