Gold: Bearish Engulfing Pattern Signals Downside Continuation
Gold printed a clear bearish engulfing candlestick pattern, extending its weakness after reversing off the green box resistance area ($4,110 – $4,170). Price action has fallen back below the key $4,000.00 ($4,018.60) psychological handle, signaling that the broader bearish trend is resuming. Under current conditions, sellers remain in complete control, and the market looks set to target lower Fibonacci extension boundaries at 127.2% ($3,834.29) and 161.8% ($3,599.84). Any brief intraday pullbacks toward $4,000.00 will now act as dynamic overhead resistance.
Today’s critical levels to watch:
Support: $4,000, $3,900
Resistance: $4,250, $4,350
Silver: Reverses Near $54.00 to Maintain Neutral-to-Bearish Stance
Silver experienced a rejection near the $54.00 resistance level and closed with a bearish bias in the previous session. An early recovery attempt today was pushed back, bringing price action near its opening level around $51.79. Although trading within yesterday’s range keeps short-term momentum relatively neutral, the overarching structural picture indicates that a bearish continuation is due. If sellers push price action below the $50.00 support mark, downside momentum is expected to accelerate toward the lower Fibonacci target near $46.52.
Today’s critical level to watch:
Support: $50.00
Resistance: $54.00, $59.00
Crude Oil: Reversal Off Highs Suggests Further Downside Risks
Crude oil initially staged an upward attempt from $85.00, climbing above the previous pin bar pattern high, but momentum quickly faded. Price action has since reversed back down to trade near its opening level around $86.24. Following the recent breakdown below the primary ascending trendline and $95.00 mark, this failure to sustain higher prices points to further potential downside. If selling pressure resumes, crude oil could extend lower toward the lower support trendline or test the major horizontal support level at $77.13.
Today’s critical level to watch:
Support: $85.00, $80.00
Resistance: $90.00, $95.00, $100.00, $110.00