Gold: Consolidating Above $4,250 Ahead of FOMC Catalyst
Gold remains mostly neutral, trading within yesterday’s range with mild two-way attempts while holding firmly above the $4,250.00 support level. Price action may continue to move flat or sideways as market participants await the impending FOMC rate decision, which could act as a volatility trigger. Despite short-term uncertainty, the broader long-term market structure remains bullish as long as gold avoids printing a new swing low below $4,000.00. Should downside volatility accelerate post-announcement, lower support levels are positioned to cushion any deeper pullback.
Today’s critical levels to watch:
Support: $4,250, $4,000
Resistance: $4,350, $4,500, $4,546, $4,700
Silver: Holds Stable Near $64.00 Range
Silver continues to consolidate near the $64.00 handle without a decisive directional break. Much like gold, price action could continue sideways before resuming its broader bullish trajectory, though a temporary liquidity sweep below current support to stop out weak hands cannot be ruled out. If sellers trigger a deeper dip, the $60.00 level serves as the primary major support to watch for potential buyer defense.
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: Closes May Gap, Extends Toward 161.8% Fib Target
Crude oil reached a new higher high, successfully filling the mid-May price gap and expanding upward toward the 161.8% Fibonacci extension level at $107.38. While a routine bearish correction back toward the broken swing high near $95.00 would offer a healthy retest, strong upside momentum could allow prices to push directly toward targets without a major pullback.
Today’s critical level to watch:
Support: $100.00, $95.00, $90.00, $85.00, $80.00
Resistance: $110.00