Gold hovers around $4,000 as breakout stalls
Gold is currently stuck in a holding pattern, trading closely around the critical $4,000 level. The market has yet to deliver a strong directional signal, showing no definitive signs of a sharp bullish reversal or an immediate breakdown below this major psychological floor. Traders will likely remain sidelined, monitoring the immediate price action for a clear reaction. A definitive drop below this level will validate the bearish extension, while a solid push upward will force a test of the major descending trend line.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver bounce within broader downtrend
Silver has established a modest upward corrective phase, advancing with moderate momentum over the recent sessions. Despite this short-term push, the technical outlook remains deeply structural and bearish. The market continues to print lower swing highs and lower swing lows, keeping the overall downward trajectory intact toward the main targets at $54.00 and $50.00. As long as this structure holds, minor rallies are expected to face strong selling pressure.
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 gap and hits primary target zone
Crude oil successfully closed its previous price gap, driving higher to officially reach the highly anticipated $85.00 – $95.00 target region. Having satisfied this target, the price action may see an increase in volatility. The commodity might experience a mild technical pullback due to short-term profit-taking, or it could continue its ascent within the target zone to challenge the major descending trend line overhead. On any initial weakness, the lower support level remains anchored at $77.13.
Today’s critical level to watch:
Support: $80.00, $77.13, $70.00, $67.20
Resistance: $85.00, $90.00, $95.00