Gold gapped down
Gold opened lower today but has since managed to make a slight recovery. Currently, the market is waiting for more confirmation before deciding its next major move. Specifically, traders are watching to see if it will resume its downward movement or push upward toward $5,000. As we mentioned previously, there is still plenty of room to the upside. However, the latest price action printed a lower swing low and a lower swing high. Because of this structural shift, the short-term outlook remains bearish.
Today’s critical levels to watch:
Support: $4,546, $4,500, $4,380
Resistance: $5,000, $5,200, $5,500
Silver stall at $80.00
Silver remains firmly stuck near the critical $80.00 resistance level today. Furthermore, the precious metal is facing noticeable bearish pressure as it struggles to advance. Moving forward, the big question is whether buyers can force a decisive breakout. If the price finally closes above $80.00, it will likely continue its broader bullish movement. Alternatively, the metal might suffer a strong rejection at this heavy ceiling. Should that happen, it could fall below $70.00 and eventually break down toward the $54.00 to $50.00 zone.
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 gapped up
Crude oil opened significantly higher today following a sequence of major geopolitical events. Initially, the Strait of Hormuz was abruptly closed. Subsequently, increasing ship attacks between the U.S. and Iran broke out in the region. Because of these escalating threats to global supply, bullish momentum quickly returned to the market. Before this sudden surge, the asset thoroughly tested the major $85.00 support level last week.
Although the price briefly dipped below this mark, it never actually closed below it. Since buyers successfully defended that crucial floor, the underlying bullish structure remains viable. Furthermore, a clear break above the descending trend line could signal a strong bullish continuation. Consequently, the price is poised to push toward the $90.00 and $95.00 resistance levels.
Today’s critical level to watch:
Support: $85.00, $80.00, $77.13
Resistance: $90.00, $95.00, $100.00,