Gold trading upward
Gold is experiencing slight bullish pressure in today’s trading session. However, the price is mostly trading entirely inside yesterday’s range. Currently, it seems the precious metal is trapped within a descending bearish channel. Therefore, the market is likely looking to test the top boundary of this channel soon. If resistance holds there, the price could easily resume its downward movement. Consequently, sellers would target the bottom of the current range. Alternatively, if the price breaks out from the top, the momentum shifts. In that bullish scenario, gold could run toward the higher resistance levels again.
Today’s critical levels to watch:
Support: $4,546, $4,500, $4,380
Resistance: $5,000, $5,200, $5,500
Silver slight bullish reaction
Silver is showing price action that is very similar to gold. Specifically, the metal is currently trading sideways inside the $70.00 to $80.00 range. Recently, a prominent swing high has formed right near the $80.00 resistance level. Therefore, a definitive breakout above this mark will finally confirm a switch to a bullish trend. On the other hand, sellers might force a breakdown below the $70.00 support. If that happens, it serves as strong confirmation of further downside. Consequently, silver will complete its underlying bearish wave first before attempting another recovery.
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 slight bearish pressure
Crude oil is showing some slight weakness today. Despite this minor dip, the energy asset mostly trades inside yesterday’s established range. Furthermore, the price successfully manages to stay steadily near the $95.00 level. Because of this resilience, the overall technical structure undoubtedly remains bullish. However, the market is currently taking a brief, healthy pause. As a result, traders are simply waiting for more definitive price action to unfold. Ultimately, next week’s trading sessions will provide a much better clue regarding the next major direction.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00, $77.13
Resistance: $95.00, $100.00,