Gold bounce from $4,546

Gold staged a noticeable bounce reaction directly from the $4,546 support level today. As a result, the precious metal climbed above the previous day’s high. However, the upward momentum looks like it is stalling right near that level. Therefore, we cannot confirm a true bullish reversal just yet. Unless the price decisively closes above this barrier, the bearish bias remains. On the lower side, the $4,250 level and the daily SMA 200 are the next major downside targets. Meanwhile, the $4,888 mark stands as the invalidation level for the current bearish move

Today’s critical levels to watch:

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

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

Silver bounce before touch $70.00

Silver successfully found solid support near the critical $70.00 level. As a result, the metal staged a healthy bounce that erased yesterday’s losses. However, the price is still mostly trading inside its recent range. Because of this contained price action, the broader picture has not changed yet. Therefore, we still expect a potential retest of the $70.00 support level. Consequently, traders should remain cautious until a clearer breakout signal appears.

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 short-term bearish pressure

Crude oil is trading slightly lower today after printing a new higher high. Despite this minor pullback, there is absolutely no change to the broader bullish outlook. Specifically, the current bearish pressure is much less significant than yesterday’s powerful bullish candle. Because buyers are still firmly in control, the upward trend remains intact. Therefore, the recent dip might simply represent a healthy intraday correction. Consequently, traders should expect another bullish leg to develop soon.

Today’s critical level to watch:

Support: $100.00,, $95.00, $90.00, $85.00, $80.00, $77.13

Resistance: $110.00