Gold stick near trendline
Gold printed a slight bounce reaction from the rising trend line, but overall price action remains weak. The precious metal is currently trading near the trend line support while attempting to stabilize after the recent decline. The current structure places gold at an important decision point. If buyers manage to defend the trend line and regain momentum, it could attempt another upward move toward the recent record highs.
However, a clear breakdown below the trend line would significantly weaken the structure and could trigger a deeper bearish movement to retest the $5,000 area or $4,546. For now, traders will closely watch the price reaction around the trend line to determine the next directional move.
Today’s critical levels to watch:
Support: $5,000, $4,670, $4,546, $4,500, $4,380
Resistance: $5,200, $5,500
Silver stay under pressure
Silver shows a similar technical situation to gold. Price is currently holding near the ascending trend line after experiencing recent selling pressure. The trend line is acting as the immediate support, and the next move will likely depend on whether buyers can defend this level. A successful defense could allow the metal to resume its upward trend to retest $100.00. On the other hand, a breakdown below the trend line would confirm bearish continuation to retest $70.00.
Support: $83.91, $80.00, $70.00
Resistance: $85.00, $100.00, $120.00
Crude oil keep testing $77.13
Crude oil continues to maintain strong bullish pressure after the recent breakout. Price has advanced sharply and tested the resistance area near $77.13. The current momentum suggests buyers remain in control. As long as crude oil holds above the previous breakout levels $70.00, the bullish continuation scenario remains valid. Further upside could follow if the market manages to sustain momentum above the current consolidation area. However, a temporary pullback may occur before the next bullish extension. For now, the overall structure remains bullish.
Today’s critical level to watch:
Support: $70.00, $67.20, $65.00, $62.00, $60.00
Resistance: $77.13