Gold new higher high

Gold is showing strong upward momentum today, successfully climbing to print a new higher high. The precious metal is maintaining its bullish structure and continues its steady recovery following the recent pullback. As we have mentioned previously, there is still plenty of room upward for the price to target the major $5,000 psychological resistance level. As long as buyers keep the pressure on, the path of least resistance remains to the upside.

Today’s critical levels to watch:

Support: $4,546, $4,500, $4,380

Resistance: $5,000, $5,200, $5,500

Silver above $80.00

Silver finally broke out of its consolidation phase. It pushed strongly above the stubborn $80.00 resistance level. Thus, it printed a new higher high. Consequently, this breakout suggests the metal will continue its bullish move. Buyers are firmly back in the driver’s seat. However, traders should remain vigilant. If a major bearish reversal occurs, buyers get trapped. As a result, the market could drop toward the $70.00 support.

Today’s critical level to watch:

Support: $70.00, $54.00, $50.00

Resistance: $80.00, $83.91, $85.00, $100.00, $120.00

Crude oil strongly bearish

Crude oil is facing major bearish pressure today, printing a massive downward candlestick that managed to fall below the $85.00 support level. This sharp sell-off is being driven directly by breaking news that Iran has declared the Strait of Hormuz open, which has caused supply risk premiums to evaporate from the market. With the technical structure breaking down and momentum shifting heavily to the downside on this fundamental catalyst, the price might continue its downward movement to target the next major support level at $77.13.

Today’s critical level to watch:

Support: $85.00, $80.00, $77.13

Resistance: $90.00, $95.00, $100.00,