Gold: Consolidates Ahead of U.S. Jobs Data
Gold continues to consolidate inside the $4,110 – $4,170 support zone following last week’s massive drop. Market participants are bracing for potential high volatility in today’s session surrounding the release of key U.S. employment data. If gold resumes its bearish path following the news, $4,000.00 ($4,018.60) will be the critical level to watch on the downside. On the other hand, if buyers step in with a strong upward bounce that erases recent losses and secures a close above $4,250.00, the technical situation could shift back in favor of the bulls
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,350, $4,500, $4,546, $4,700
Silver: Holds Consolidation Range above $59.00 – $60.00 Demand Zone
Silver remains locked in a consolidation phase near key support. If downside selling pressure continues, the $59.00 – $60.00 demand area will act as the primary line of support to absorb the bearish push. Traders will monitor price action closely around this region for signs of stabilization or bullish momentum before looking for upside rotation toward major overhead resistance.
Today’s critical level to watch:
Support: $64.00, $54.00, $50.00
Resistance: $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude Oil: Downward Momentum Builds as Trendline Support Looms
Crude oil has come under strong downward momentum, slipping just under the $90.00 handle, though it has not established a new lower low yet. If the price continues moving lower, the major ascending trendline will be the crucial technical level to watch for potential buyers to step in. A holding reaction at the trendline could prompt a bullish recovery toward $95.00, while a break lower would open room for extended weakness.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00
Resistance: $95.00, $100.00, $110.00