Gold moves sideways within range
Gold traded mostly sideways today. The price action remained entirely within yesterday’s trading range. Currently, the short-term bullish correction is still in progress. Traders are waiting for a direct test of the descending trendline or the $4,250 resistance level. However, the broader outlook stays defensive. A decisive close below the $4,000 handle will signal a continuation of the primary bearish trend.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver pauses recovery attempts
Silver experienced a quiet, mostly sideways session today. The market temporarily lacks a strong directional driver. On the upside, the $64.00 mark continues to act as the key resistance level to watch. The broader technical structure still favors a downward continuation. Sellers aim to push the price lower toward the primary targets at $54.00 and $50.00.
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 eyes potential retest of $70.00
Crude oil saw minor downward follow-through today after yesterday’s bearish close. However, the selling pressure lacked strong directional momentum. The price might slip slightly lower to retest the pivotal $70.00 support level. If buyers defend this zone and trigger a strong bounce, a fresh upward movement could follow. In that bullish scenario, the immediate upside objective sits at $77.13, with room for higher extensions.
Today’s critical level to watch:
Support: $70.00, $67.20
Resistance: $77.13, $80.00, $85.00, $90.00, $95.00