Gold continue trading lower
Gold continues to face intense bearish pressure below the critical $4,250 support mark. The precious metal struggles to gain any meaningful upward traction. Sellers currently dominate the overall market structure. Bears will likely attempt to force the price into a new lower swing low. Traders are closely watching this persistent downward momentum. A sustained move lower puts the significant $4,000 psychological target squarely in focus. If the market closes below this threshold, selling pressure could accelerate significantly.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver testing $64.00
Silver extended its recent weakness during today’s trading session. The commodity successfully tested the crucial $64.00 support level. Downward momentum remains firmly intact across the broader market. The price might continue moving lower to challenge multiple historical support zones. If sellers manage to break these established lows, the broader sell-off could intensify. A decisive breakdown opens the door for a steeper drop. In this scenario, bears will aggressively target the $54.00 and $50.00 levels next.
Today’s critical level to watch:
Support: $64.00, $54.00, $50.00
Resistance: $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil stick near $77.13
The United States and Iran recently signed a memorandum of understanding to end military hostilities. The agreement includes reopening the vital Strait of Hormuz to commercial shipping. Tankers carrying stranded crude oil have already started moving through the waterway. This increased supply expectation drove crude oil prices lower. The commodity managed to close below the $77.13 mark. However, buyers quickly stepped in to push the price back above this level. Traders must now observe the market closely. They will wait to see if the downward pressure resumes. Alternatively, the price could bounce higher to retest the $85.00 resistance level
Today’s critical level to watch:
Support: $77.13
Resistance: $80.00, $85.00, $90.00, $95.00