Gold bearish pressure below $4,546

Gold has resumed its bearish movement during today’s trading session. Specifically, the price has fallen below the critical $4,546 support level. As a result, sellers have officially regained full control of the market. Therefore, the precious metal has a strong chance to continue lower in the coming sessions. Consequently, the next major downside target sits at the $4,250 level. Furthermore, the daily SMA 200 also lies nearby as additional dynamic support to watch.

Today’s critical levels to watch:

Support: $4,546, $4,500, $4,380

Resistance: $5,000, $5,200, $5,500

Silver moving toward $70.00

Silver is experiencing a similar bearish situation as gold today. As a result, the bearish pressure might continue toward the major $70.00 support level. If sellers force a decisive break below this critical floor, the picture turns even worse. In that bearish scenario, we have a strong chance to continue lower. Specifically, sellers will easily target the $54.00 and $50.00 zones next. Therefore, traders should watch the $70.00 level very closely for the next major signal.

Today’s critical level to watch:

Support: $70.00, $54.00, $50.00

Resistance: $80.00, $83.91, $85.00, $100.00, $120.00

Crude oil on track higher

Crude oil is turning up again as the U.S.-Iran ceasefire appeared to be on the verge of collapse, with the United Arab Emirates saying it was under attack from Iranian drones and missiles. Furthermore, the UAE Defense Ministry said Iran had launched four cruise missiles, while authorities in Fujairah said an Iranian drone sparked a fire at a key oil facility. As a result, supply concerns have immediately returned to the energy market with full force. Consequently, we might see the price attempt to target the latest swing high once again. Therefore, traders should expect significant volatility as this geopolitical situation develops.

Today’s critical level to watch:

Support: $100.00, $95.00, $90.00, $85.00, $80.00, $77.13

Resistance: $110.00