Gold defends key psychological support
Gold prices turned lower again during today’s session. The market plunged and almost reached the critical $4,000 support level. However, a quick price recovery followed the sharp drop. Gold currently trades very close to its daily opening price. Looking up, the descending trend line and the $4,250 level remain the primary upside targets. Traders still watch this ongoing move as a short-term bullish correction within a broader downtrend.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver resumes downward momentum
Silver reversed its upward direction on Monday before it could reach the $64.00 mark. Sellers actively pushed the price lower throughout today’s session. The metal looks poised to continue its immediate descent toward the $54.00 and $50.00 targets. If buyers manage to launch another bullish attempt, the $64.00 level will continue to serve as the main overhead resistance.
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 explodes upward on geopolitical tension
Crude oil firmly respected the $70.00 level after completely filling its previous price gap. The price then exploded to the upside with strong bullish momentum. Geopolitical tensions built up rapidly as news confirmed that attacks between the U.S. and Iran have resumed. This renewed conflict sparked heavy buying in the energy sector. The nearest technical resistance sits at $77.13, and buyers may target the broader $85.00 – $95.00 area next.
Today’s critical level to watch:
Support: $67.20
Resistance: $70.00, $77.13, $80.00, $85.00, $90.00, $95.00