Gold: Maintains Position Near Green Box Area as Consolidation Continues
Gold managed to maintain its position near the green box support area ($4,110 – $4,170). Price action appears set to continue consolidating within or around this boundary for now as market participants await clear directional momentum. A bullish expansion off this zone could see buyers push price back toward $4,250.00, while a decisive breakdown below $4,110.00 would open the door for a deeper slide toward the $4,000.00 ($4,018.60) level.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,350, $4,500, $4,546, $4,700
Silver: Reaches Origin of Previous Bullish Move; Bearish Trend Persists
Silver suffered a major breakdown and reached the origin point of its previous bullish advance near $55.67. Although price action managed to stage a minor bounce off this key level, the overarching bearish situation still persists. On the upside, silver may return toward the breakdown zone near $59.00 – $61.00 to retest it as new resistance. If price continues to climb and secures a quick close above $61.00 in a short timeframe, the current bearish scenario will be voided. Otherwise, further selling pressure on the downside could bring $54.00 into focus as the next major target.
Today’s critical level to watch:
Support: $54.00, $50.00
Resistance: $59.00, $64.00, $70.00, $80.00
Crude Oil: Gains Easily as New Bullish Leg Develops above $95.00
Crude oil pushed upward with ease, establishing a new bullish leg following its recent bounce off the primary ascending trendline. The price has pushed past $95.00 ($94.72) and continues to make higher ground. If another bearish pullback attempt develops, both the $95.00 handle and the ascending trendline will act as the primary support levels to keep the upward trend intact toward $100.00 ($100.29).
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00, $110.00