Gold: Rebounds Off 61.8% Fibonacci Level as Bulls Defend Support
Gold experienced further weakness early in the session, clearing liquidity below the previous swing low before executing a sharp reversal to the upside. The rebound occurred near the 61.8% Fibonacci retracement level ($4,277.44), signaling that the current bearish correction may be reaching completion to make way for a bullish resumption. On the upside, the projected green target zone ($4,776.00 – $4,890.09) serves as the primary resistance region to watch. However, another bearish test toward the $4,250 level remains possible, largely depending on the market’s reaction to this week’s upcoming jobs data.
Today’s critical levels to watch:
Support: $4,250, $4,000
Resistance: $4,380, $4,500, $4,546, $4,700
Silver: Bounces Off $64.00 Support Zone
Silver met solid buying interest at the $64.00 horizontal support level and bounced back upward during the session. This reaction prevents further immediate downside and sets the stage for either the initiation of a new bullish leg or a period of range-bound consolidation between $64.00 and $70.00. Price behavior around these two boundaries will determine the next directional continuation.
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: Tests Above $90.00 as Bulls Target $93.48 Breakout
Crude oil launched a bullish push above $90.00, surpassing the previous day’s high as buying pressure persisted. Despite the gain, the price has not yet established a new higher swing high above $93.48. Should sellers seek to halt the rally and force a reversal, this resistance area represents their key opportunity to re-enter. A daily close above $93.48 will provide clear confirmation of a bullish trend continuation toward higher targets.
Today’s critical level to watch:
Support: $85.00, $80.00, $77.13, $70.00, $67.20
Resistance: $90.00, $95.00