Gold tests buyers’ resolve at major floor
Gold prices staged another bounce from the critical $4,000 support floor today, successfully climbing to match yesterday’s high. However, the intraday recovery encountered immediate selling pressure at those higher levels, and the price has started turning lower once again. Market participants are now weighing two primary scenarios: a sustained drop that finally forces a breakdown below the psychological $4,000 mark, or a resilient turnaround. If buyers successfully defend this floor, a renewed upward movement could materialize to test the descending trend line and the $4,250 resistance level.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver remains confined within recent range
Mirroring the price action seen in gold, silver ticked higher earlier in the session but remained confined mostly within yesterday’s trading range. The lack of strong directional follow-through keeps the broader bearish technical outlook intact. Sellers continue to eye a downward continuation toward the primary targets at $54.00 and $50.00. On the upside, if the price manages to extend its current recovery, the $64.00 mark remains the key overhead resistance level to watch for potential rejections.
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 extends bullish breakout
Crude oil successfully secured a daily close above the $77.13 handle, maintaining and extending its powerful bullish momentum. The price action continues to establish a clear upward trajectory on the daily chart, driven by the tense geopolitical climate in the Strait of Hormuz. If there is no sudden change to the current fundamental or technical landscape, the commodity is poised to move higher. The immediate objective for buyers remains the green box zone, spanning the broader $85.00 – $95.00 area.
Today’s critical level to watch:
Support: $70.00, $67.20
Resistance: $77.13, $80.00, $85.00, $90.00, $95.00