Gold fall below channel

Gold remains in a long-term bullish trend, but the market is still trading within the sell-off phase that began in early March. The current price movement is forming an upward sloping channel, suggesting that the metal is undergoing a corrective rebound following the recent decline. However, the channel structure could also develop into a rising wedge or bearish flag pattern, which may indicate a continuation of the broader corrective move if confirmed.

As long as gold holds above the $5,000 support level, buyers may attempt to push the price higher again. On the other hand, a breakdown below the lower boundary of the channel and close below $5,000 could trigger another leg lower and extend the ongoing correction

Today’s critical levels to watch:

Support: $5,000, $4,670, $4,546, $4,500, $4,380

Resistance: $5,200, $5,500

Silver getting near bottom of channel

Silver also remains in a long-term bullish structure, but the market is still moving inside the corrective sell-off that started in early March. The metal is currently trading within an ascending channel, reflecting a short-term recovery after the sharp decline. Similar to gold, this channel could potentially evolve into a rising wedge or bearish flag pattern, which would signal a possible continuation of the corrective phase if the pattern breaks to the downside.

Traders will likely monitor the reaction near the lower boundary of the channel, as a bounce from this area could allow silver to resume its upward movement. However, a breakdown below the channel support may lead to a deeper correction before the broader bullish trend continues.

Today’s critical level to watch:

Support: $83.91, $80.00, $70.00

Resistance: $85.00, $100.00, $120.00

Crude oil attempt to stabilize

Crude oil resumed its bullish movement as geopolitical tensions in the Middle East continue to escalate. Prices surged after Iran signaled that the Strait of Hormuz could remain closed, raising concerns over global energy supply disruptions. The strait is a critical shipping route that carries roughly 20% of the world’s oil supply, making any disruption a major driver of price volatility.

From a technical perspective, crude oil has rebounded strongly after briefly pulling back toward the $77.13 support level. The market has now returned to the $90.00 – $95.00 zone, suggesting that bullish momentum is building again. If the current momentum continues, the price could attempt another push toward the $100.00 psychological level. However, traders should remain cautious as the market may still experience sharp volatility due to ongoing geopolitical developments.

Today’s critical level to watch:

Support: $85.00, $80.00, $77.13, $70.00, $67.20

Resistance: $90.00, $95.00