Gold continues bearish momentum
Gold prices have extended its downward movement, reaching the $4,250 level. If the price fails to break and close below this support, we may see a bounce aimed at retesting the broken daily SMA 200 or the previous swing low. Conversely, a sustained breakout below $4,250 would shift the focus toward the $4,098 swing low and the $4,000 psychological target.
Today’s critical levels to watch:
Support: $4,250, $4,000
Resistance: $4,380, $4,500, $4,546
Silver more bearish pressure
Silver is currently following its bearish scenario, with the targets of $54.00 and $50.00 firmly in play. Should the price experience a bullish correction, the $70.00 level will serve as a key area to monitor for potential bearish reactions. However, a close above $70.00 might turn the situation bullish again.
Today’s critical level to watch:
Support: $54.00, $50.00
Resistance: $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil turning lower
Crude oil remains under bearish pressure, having slipped below the $90.00 mark. While the commodity continues to move with high volatility within the broader $85.00 – $110.00 range, bears currently maintain control. A retest of the $85.00 support level appears likely in the near term. We expect the bull to keep defending the support level for now.
Today’s critical level to watch:
Support: $85.00, $80.00, $77.13
Resistance: $90.00, $95.00, $100.00, $110.00