Gold testing $4,546
Gold prices maintained a generally bullish posture, continuing upward movement after a clean bounce from the daily SMA 200. However, the recovery limited by the $4,546 horizontal resistance level. Market participants are watching the reactions for now; if the price remains firmly capped below this line or suffers a sharp bearish rejection here, momentum will likely shift back to the downside, opening the door for another definitive test of the daily SMA 200.
Today’s critical levels to watch:
Support: $4,500, $4,380
Resistance: $4,546, $5,000, $5,200, $5,500
Silver stick near trend line
Silver spent the final session of the week stuck near its primary ascending trend line. The white metal initially staged a promising bullish breakout attempt early in the day, but the upward pressure quickly evaporated as sellers faded the move. Price action subsequently rotated straight back down to trade virtually flat near its opening level around $75.33. A definitive daily close below the trend line could trigger a broader liquidating phase to target the $70.00 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 moving toward $85.00
The narrative for crude oil remained decidedly one-sided as the energy benchmark flashed signs of deepening structural weakness. Sellers remain firmly in control for short-term, keeping the commodity on a direct trajectory toward the $85.00 horizontal support level. Bulls will need to mount a significant defensive stand near this structural floor to prevent a more severe breakdown.
Today’s critical level to watch:
Support: $85.00, $80.00, $77.13
Resistance: $90.00, $95.00, $100.00, $110.00