Gold: Surges to Daily SMA 200 and $4,500 Resistance
Gold staged a strong upward expansion, making a new higher high as price action reached the $4,500 region and tested the daily SMA 200. Ever since breaking above the major descending trend line, the broader market structure has transitioned into a bullish stance. Traders are expected to maintain a bullish outlook, eyeing any upcoming technical pullbacks as opportunities to build long positions.
Today’s critical levels to watch:
Support: $4,380, $4,250, $4,000
Resistance: $4,500, $4,546
Silver: Bounces Off $64.00 to Resume Upward Push
Silver turned back to the upside following a successful bounce off the $64.00 support level. This positive response at former resistance reinforces buyer control and keeps the short-term bullish momentum intact. The path of least resistance remains upward, with expectations for price action to build further upside momentum toward the $70.00 major target.
Today’s critical level to watch:
Support: $64.00, $54.00, $50.00
Resistance: $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude Oil: Holds Near $85.00 Following Trendline Retest
Crude oil continues to trade near the key $85.00 level after executing a successful retest and bounce off the descending trend line. While the immediate recovery is encouraging, confirming a clear and sustained bullish trend will require price action to print a new higher swing high above $93.48. Without a clear breakout above that high, price action may begin consolidating into a new triangle pattern.
Today’s critical level to watch:
Support: $80.00, $77.13, $70.00, $67.20
Resistance: $85.00, $90.00, $95.00