Gold more downward movement
Gold is currently facing notable bearish pressure today. As a result, the precious metal might continue its downward movement. Specifically, sellers are likely targeting the $4,546 support level next. However, this bearish trend is not a definitive conclusion just yet. The bears certainly seem to be gaining more power overall. To confirm this structural shift, the market needs to print a new lower swing low. If traders decide to take short positions, careful risk management is crucial. Therefore, the latest swing high at $4,888 serves as the major invalidation point for shorts.
Today’s critical levels to watch:
Support: $4,546, $4,500, $4,380
Resistance: $5,000, $5,200, $5,500
Silver moving down from $80.00
Silver started moving lower after suffering a firm rejection. Specifically, buyers failed to break above the critical $80.00 resistance level. Because of this failure, bearish momentum has quickly taken over. Consequently, the metal might target the $70.00 psychological level for a retest. If the price reaches that floor, traders will watch the reaction closely. Furthermore, a decisive breakout below that support would be highly bearish. In fact, it might open the downward path toward the $54.00 and $50.00 zones.
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 return above $95.00
Crude oil is aggressively gaining bullish pressure today. The energy asset successfully pushed above the $95.00 resistance level. Furthermore, it managed to print a new higher high. Consequently, this price action serves as strong confirmation for buyers. It indicates that the price will likely continue moving upward in the near term. Looking at the broader market picture, we can establish a long-term view. Specifically, the $85.00 to $120.00 zone might become the established trading range. Therefore, traders should expect further volatility within these boundaries.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00, $77.13
Resistance: $95.00, $100.00,