Gold: Consolidates Near Green Box Following Intraday Reversal
After securing a daily close above the green box support area ($4,110 – $4,170), gold made another bullish attempt during today’s trading session. However, the upward push reversed momentum, sending prices back down to trade below the opening level. Price action appears poised to extend its consolidation phase near the green box region for now as buyers and sellers seek a decisive direction.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,350, $4,500, $4,546, $4,700
Silver: Reverses Near Upper Range Bound to Maintain Consolidation
Silver mounted a bullish recovery attempt that ultimately reversed near the top boundary of its green box support area ($61.00). The inability to break higher suggests that price action will likely continue consolidating near current levels between $59.00 and $61.00. Traders will watch for price stabilization within this zone to determine if another bullish push toward $64.00 can materialize.
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: Responds with Bullish Bounce off $90.00 to Test $95.00
Crude oil staged a solid bullish bounce from the $90.00 level, pushing higher to test resistance near the $95.00 ($94.72) handle. The overall technical outlook remains bullish as long as price action trades above the main ascending trendline. A decisive close above the key $95.00 resistance mark will serve as confirmation for the continuation of the broader upward trend toward $100.00 and higher.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00
Resistance: $95.00, $100.00, $110.00