Gold: Stays Bound Near Green Box Support Ahead of CPI Data
Gold continues to stick close to the green box support area ($4,110 – $4,170). Even though price action briefly managed a daily close above the zone in recent sessions, prices have since returned inside the area. Tomorrow’s upcoming U.S. CPI data release is expected to serve as a major volatility catalyst for gold. A bullish reaction following the event could trigger a rally back toward the $4,250.00 resistance level, whereas a sharp drop that closes decisively below $4,110.00 would open the door for a deeper fall toward $4,000.00.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,350, $4,500, $4,546, $4,700
Silver: Under Bearish Pressure Near $59.00 Support Zone
Silver remains mostly under bearish pressure, sliding back down toward the lower boundary of its green box support area near $59.00. Sellers appear to be gaining increased control ahead of the U.S. CPI report. Under the current market structure, traders will continue watching closely for price reactions around the $59.00 – $60.00 demand zone to see whether buyers can step in or if a breakdown will extend losses toward $55.67.
Today’s critical level to watch:
Support: $59.00, $54.00, $50.00
Resistance: $64.00, $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude Oil: Extends Gains from Trendline to Test $95.00 Resistance
Crude oil extended its upward momentum following the recent bounce off its major ascending trendline, advancing directly to the $95.00 ($94.72) resistance mark. Price action is now testing this key boundary. If buyers break above $95.00 with conviction, it will confirm the continuation of the primary bullish trend toward $100.00 ($100.29). Otherwise, a rejection at $95.00 could prompt a minor pull back toward $92.00 or a retest of the ascending trendline.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00
Resistance: $95.00, $100.00, $110.00