Gold bounce from $5,000
Gold moved briefly lower and tested the $5,000 level, where buyers stepped in and produced a rebound reaction. The metal remains supported by safe-haven demand linked to the ongoing Middle East conflict, although short-term volatility has increased as traders react to moves in oil prices and the U.S. dollar. Technically, gold continues to trade inside a broad consolidation range between $5,000 and $5,200 after failing to maintain its previous rally toward record highs.
Today’s critical levels to watch:
Support: $5,000, $4,670, $4,546, $4,500, $4,380
Resistance: $5,200, $5,500
Silver bullish engulfing
Silver is currently trading higher and may form a bullish engulfing pattern, suggesting buyers are attempting to regain control after the recent pullback. If the bullish candle structure confirms at the daily close, it could signal a short-term recovery phase with potential continuation toward the $90 resistance area. However, the market still appears to be in consolidation following the sharp correction earlier, meaning traders may continue to see choppy price action before a clearer trend emerges.
Today’s critical level to watch:
Support: $83.91, $80.00, $70.00
Resistance: $85.00, $100.00, $120.00
Crude oil extreme movement
Crude oil experienced extreme volatility, briefly approaching the $120 level before turning sharply lower and currently trading near $84.90. The dramatic price swings are largely driven by the ongoing Iran conflict and disruption around the Strait of Hormuz, a key shipping route that normally carries roughly 20% of global oil supply. While supply disruptions initially triggered a surge in oil prices, the sharp pullback suggests profit-taking and uncertainty about how the geopolitical situation will evolve.
Given the current environment, crude oil may continue experiencing high volatility, making the market difficult to trade for those without existing positions. For now, traders may prefer to stay on the sidelines until volatility subsides and a clearer structure forms.
Today’s critical level to watch:
Support: $85.00, $80.00, $77.13, $70.00, $67.20
Resistance: $90.00