Gold: Reclaims $4,000 Mark with Strong Momentum
Gold mounted a robust bullish recovery today, driving price action back above the $4,000.00 ($4,018.60) handle with strong upward momentum. The current surge opens the door for a potential retest of the green box support-turned-resistance zone between $4,110.00 and $4,170.00. Despite this upward push, the broader technical outlook remains firmly bearish as long as price action fails to print a new higher swing high above prior key structures. Traders should treat this recovery as a prospective retracement within a dominant downtrend, keeping an eye on upper resistance levels for potential short setups.
Today’s critical levels to watch:
Support: $4,000, $3,900
Resistance: $4,250, $4,350
Silver: Bounces Off $50.00 Level, Eyes $54.00 Resistance Target
Silver staged a technical bounce off the $50.00 psychological support mark, recovering back toward the $52.14 level. If the bullish correction continues to gain traction, the $54.00 former breakdown boundary will act as the key resistance level to watch. The overarching structural trend remains tilted to the downside, meaning traders will wait for clear bearish rejection signals near resistance to look for additional short positions.
Today’s critical level to watch:
Support: $50.00
Resistance: $54.00, $59.00
Crude Oil: Drops Sharply and Breaks Trendline Post-U.S. Midterms
Crude oil suffered a sharp sell-off following the U.S. midterm elections, dropping precipitously from recent highs to trade near $88.3. The price also breaking below its major ascending trendline. However, price action has not printed a new lower swing low yet, keeping the medium-term structure in a sensitive transition state. Market participants will monitor price behavior closely around the $86.89 – $90.00 support area while observing geopolitical developments and policy announcements following the election results.
Today’s critical level to watch:
Support: $85.00, $80.00
Resistance: $90.00, $95.00, $100.00, $110.00