Gold: Range-Bound Trading Ahead of Next Week’s FOMC Decision
Gold traded slightly lower during Monday’s session amidst light volume due to the U.S. Labor Day holiday. Prices are expected to consolidate near current levels in the short term as the market awaits further policy direction from the FOMC meeting next week. Technically, the $4,546 level aligned with the daily SMA 200 serves as the key resistance hurdle on the upside, while the $4,250 floor continues to maintain the broader bullish market structure toward the $4,776 – $4,890 target area.
Today’s critical levels to watch:
Support: $4,380, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Holding Within Key Technical Boundaries
Silver recorded a mostly flat session, continuing to hover near the middle of its recent range in quiet holiday trading. Market participants are waiting for price action to break toward major technical boundaries before committing to new positions. A daily close above $70.00 is required to signal a bullish continuation, whereas a dip toward the $64.00 support boundary will be crucial for buyers to defend to keep the positive outlook intact.
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: Rebounds Above Open as Bulls Target Swing Highs
Crude oil opened higher and initially gave up early gains, but buyers stepped in to push prices back above the opening level before the close. The recovery highlights resilient buying interest above the major $90.00 support level. If this upward momentum persists, we may see a renewed bullish attempt to challenge and retake previous swing highs near $93.48 and $95.00.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00, $77.13, $70.00, $67.20
Resistance: $95.00