Gold: Consolidates Near $4,000 Ahead of FOMC Meeting
Gold continues to stick close to the $4,000.00 ($4,018.60) psychological support handle. Price action may extend its consolidation or attempt minor breakout moves in either direction ahead of this week’s FOMC meeting. The overall technical trend remains bearish, and a testing of lower support levels is highly possible before any meaningful upward retracement develops. A sustained move lower would target the $3,834.29 Fibonacci extension area, while any recovery attempt will face resistance at the former support zone between $4,110.00 and $4,170.00.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,350, $4,500, $4,546, $4,700
Silver: Holds Near $54.00 Level with Downside Risks Intact
Silver remains bound near the $54.00 mark following its recent downward breakdown. In a similar technical posture to gold, the broader bias continues to point toward the lower side, with market focus set on the $50.00 psychological level and the primary descending trendline as downside targets. Until a clear bullish reversal pattern forms to invalidate the current momentum, traders should expect lower support levels to remain vulnerable.
Today’s critical level to watch:
Support: $54.00, $50.00
Resistance: $59.00, $64.00, $70.00, $80.00
Crude Oil: Absorbs Minor Weakness, Eyes New Swing High Target
Crude oil showed slight weakness at the open, but no significant bearish pressure materialized to disrupt the broader structure. Price action remains firmly supported above the $100.00 ($100.29) level and the primary ascending trendline. The market is expected to continue its upward expansion to target a new higher swing high beyond the $105.00 – $107.38 resistance region.
Today’s critical level to watch:
Support: $100.00, $95.00, $90.00, $85.00, $80.00
Resistance: $110.00