Gold continues bullish correction
Gold maintains its steady bullish correction today. The price shows clear potential to move higher toward the descending trend line. It may also reach the key $4,250 resistance level in the coming sessions. However, the overall market structure remains heavily bearish. Traders will likely use this current upward bounce to look for fresh short entries. A daily close above the trend line would change the technical outlook. Such a move provides the initial confirmation that the bearish trend has ended.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver tests key resistance
Silver follows gold today with its own bullish correction. The $64.00 mark acts as the primary resistance level to watch. A strong price rejection at this level offers a solid short opportunity. Traders could enter new short positions if sellers react aggressively near this zone. The ultimate downside targets for these short trades still sit at $54.00 and $50.00. Buyers need to break cleanly above $64.00 to extend this recovery. Otherwise, the bears will soon regain full control of the price action.
Today’s critical level to watch:
Support: $54.00, $50.00
Resistance: $64.00, $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil closes price gap
Crude oil successfully filled the previous price gap down at $67.20. The market now looks to stabilize near this lower support area. A strong upward bounce above the $70.00 mark would signal a major technical shift. This potential breakout could start a fresh bullish leg for the commodity. Without that renewed buying momentum, the price will likely move sideways. Traders are waiting for a clear directional signal before committing to large positions.
Today’s critical level to watch:
Support: $67.20
Resistance: $70.00, $77.13, $80.00, $85.00, $90.00, $95.00