Gold: Dropped Below the Trendline
Gold has broken lower, dropping below its ascending trendline. This bearish break opens the path for the price to move lower and test the previous swing low, as well as the $4,250.00 support level. It seems traders are betting on an interest-rate hike next week, which is being heavily reflected in the current downward movement. Despite this short-term pressure, we maintain our long-term bullish view. For now, we will wait patiently on the sidelines until a real bottom has formed to enter any new long positions.
Today’s critical levels to watch:
Support: $4,380, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Pressuring the $64.00 Level
Silver is facing heavy selling pressure, testing its previous swing low and the crucial $64.00 level. The major question for the market is whether the price will definitively break down below this support floor and continue its descent toward the $60.00 psychological mark. Traders should watch closely to see if buyers step in to defend the zone or if the bearish momentum triggers a deeper selloff.
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: Blown Through 127.2% Fibonacci Extension
Crude oil has moved sharply higher in recent sessions, blowing completely through the 127.2% Fibonacci extension at $100.29. Supported by aggressive buying momentum, the commodity is now firmly on the path toward the next major upside target at the 161.8% Fibonacci extension level ($107.38). Traders will look to use previous resistance levels as new support on any minor pullbacks.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00