Gold challenging $4,700 and trend line
Gold has made a significant recovery after finding support at the $4,546 level. The price is currently pushing higher and challenging the $4,700 mark, alongside a major descending trend line. From a technical perspective, a triangle pattern is clearly forming on the daily chart. This suggests that the market is in a consolidation phase, and waiting for a definitive breakout is the most prudent strategy. Depending on the direction of this breakout, the price could either target the psychological $5,000 resistance or descend toward the $4,250 support level.
Today’s critical levels to watch:
Support: $4,546, $4,500, $4,380
Resistance: $5,000, $5,200, $5,500
Silver watches triangle pattern within $70 – $80 range
Similar to the price action seen in gold, silver turned upward before it could test the major $70.00 support level. The precious metal remains confined within the $70.00 – $80.00 range, and like gold, it is carving out a triangle pattern. For now, the range remains intact, and traders are advised to observe the price action at these boundaries for better clarity. A breakout from the triangle or a decisive move beyond the $70.00 – $80.00 range will likely dictate the next medium-term trend for silver.
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 remains bullish despite volatility
Crude oil experienced a sharp decline during the session, managing to fall below the $90.00 level. However, buyers stepped in quickly, pushing the price back above $95.00. Although the initial bearish move showed strong momentum, the recovery indicates that the bulls still maintain overall control of the market. As previously mentioned, a daily close below $85.00 is required to confirm a bearish trend shift. Until then, the price is expected to continue its upward grind to test previous swing highs.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00, $77.13
Resistance: $100.00, $110.00