Gold: Quick Recovery After Jobs Data Volatility
Gold experienced temporary downward pressure following today’s U.S. jobs data release, briefly dipping below yesterday’s low before buyers stepped in to spark a swift recovery. The overall market structure remains constructively bullish after successfully holding above the critical $4,250 support region and the 61.8% Fibonacci retracement level. As long as price continues to trade above this floor, we maintain our primary upside target within the green box region ($4,776 – $4,890).
Today’s critical levels to watch:
Support: $4,380, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Defense of $64.00 Support Holds Key to Resumption
Silver mirrored gold’s volatile price action during today’s session, testing lower levels before stabilizing above key support. Should selling pressure re-emerge in coming sessions, the $64.00 horizontal boundary remains the primary line of defense for buyers to keep the broader structure bullish. On the upside, a decisive daily close above $70.00 will be necessary to confirm a bullish continuation and trigger a push toward higher resistance targets.
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: Stay flat near the $90.00 level
Crude oil faced renewed bearish pressure today following yesterday’s failed breakout attempt, though prices have largely held firm around the key $90.00 handle. The market appears to be taking a breather as buyers and sellers contest control at this major technical pivot. Traders will continue to monitor price action closely around $90.00 to see whether buyers can establish a footing for another retest of $93.48 or if bears force a deeper pullback.
Today’s critical level to watch:
Support: $85.00, $80.00, $77.13, $70.00, $67.20
Resistance: $90.00, $95.00