Gold: Bounces Off Trendline and 50% Fib Level
Gold rebounded after testing the support cluster formed by the redrawn ascending trendline and the 50% Fibonacci retracement level ($4,357.40). Without a decisive breakout yet, price action may stick near the trendline in the short term while holding a slight bullish bias. On the downside, if a breakdown below the trendline occurs, the $4,250 level remains the major horizontal support to watch for buyers to preserve the broader structure.
Today’s critical levels to watch:
Support: $4,380, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Turns Bullish and Eyes $70.00 Resistance
Silver absorbed previous selling pressure and turned bullish again during Wednesday’s session. With immediate downside risk fading, the price is set to target the $70.00 major resistance level along with the descending trendline overhead. A successful retest and potential breakout above this technical barrier would be necessary to confirm a stronger bullish 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: Upward Continuation Points Toward $100.00
Crude oil showed a clear bullish continuation, building momentum off recent Fibonacci retracement levels. The current trajectory suggests price action is heading toward a major confluence area near $100.00 (aligning with the 127.2% Fibonacci extension target), where gains might stall temporarily before any further extension higher. Although buyers remain in firm control, traders will be watching closely for price reactions near this key psychological milestone.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00