Gold continue ranging movement

Gold prices have primarily traded sideways since closing above the descending trend line. Although the market successfully tested the broken trend lines, no significant bullish continuation has materialized yet. The current focus remains a ranging movement, with the price likely consolidating between the $4,650 – $4,700 area. Gold continues ranging with the range mostly the same as yesterday, and we are still waiting for confirmation whether it will resume upward movement after the triangle breakout or turn lower again and retest $4,546.

Today’s critical levels to watch:

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

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

Silver confirming a Swing High

Silver is showing signs of a bearish shift in the short term as moderate downward pressure emerges. While it previously extended gains above $80.00 driven by industrial demand, the metal has now confirmed a swing high as the price moves lower today. This moderate pressure might extend the downward movement to retest the broken $80.00 level.

Today’s critical level to watch:

Support: $80.00, $70.00, $54.00, $50.00

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

Crude oil continue ranging

Crude oil prices have edged slightly higher today, showing resilience as they remain positioned not far from the $100.00 psychological level. Price action remains compressed within a symmetrical triangle consolidation pattern, with the market closely monitoring the summit between President Trump and President Xi for potential developments regarding the Strait of Hormuz. The price continues to stick near the $100.00 level and inside the triangle area, where consolidation is expected to continue.

Today’s critical level to watch:

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

Resistance: $100.00, $110.00