Gold testing $5,000
Gold has broken below the bullish channel, indicating that the recent corrective phase may still be ongoing. Following the breakdown, the metal is now moving lower and appears to be heading toward the $5,000 support level, which could act as an important reaction zone. Despite the current weakness, the broader long-term structure for gold remains bullish. The recent decline may simply represent a deeper pullback following the strong rally earlier this year. Traders will watch closely how the market reacts around the $5,000 level, as a strong defense of this area could trigger a new recovery attempt.
Today’s critical levels to watch:
Support: $5,000, $4,670, $4,546, $4,500, $4,380
Resistance: $5,200, $5,500
Silver bearish break
Silver also broke below its ascending channel, signaling increasing bearish pressure in the short term. The breakdown suggests that the recent consolidation may be turning into a deeper correction. The next important support level to watch is near $80.00, which could become the key area where buyers attempt to stabilize the market. If selling pressure continues, the metal may extend its decline toward this support zone. However, similar to gold, the broader long-term trend remains bullish, and the current movement could still be part of a corrective phase within the larger upward structure.
Today’s critical level to watch:
Support: $80.00, $70.00
Resistance: $83.91, $85.00, $100.00, $120.00
Crude oil attempt to stabilize
Crude oil continues to trend higher, maintaining strong bullish momentum following the recent sharp rally. The price remains supported by the broader geopolitical backdrop and supply concerns, which have kept buyers active in the market. After the explosive move earlier in the month, the market is currently consolidating at higher levels while maintaining its upward structure. If momentum continues, the price may attempt another push above $100.00 level.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00, $77.13
Resistance: $100.00