Gold: Rebounding Toward Trendline Post-CPI Volatility
Gold closed below its ascending trendline and saw renewed bearish attempts during today’s trading session. Price action experienced heightened volatility following the CPI data release, but the metal managed to turn upward and push back near the trendline once again. Market participants might see the price attempt to stick near the trendline or the $4,350 level in the short term as traders await further monetary policy cues ahead of next week’s FOMC meeting.
Today’s critical levels to watch:
Support: $4,350, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Holding Support Near $64.00
Silver is holding out near the $64.00 support level after yesterday’s decline. There is no major structural change to the broader situation yet, as price action remains contained within established technical boundaries. The $64.00 mark continues to act as the primary line of defense for buyers, while $70.00 stands as the key upside resistance level that must be cleared to initiate a new bullish leg.
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: Cools Off Near $100.00 Mark
Crude oil is experiencing a brief cool-off following its extended rally, with prices currently consolidating not far from the $100.00 psychological level. The commodity might continue its short-term bearish correction to retest the broken $95.00 horizontal zone or the prior swing high at $93.48. Despite this temporary pullback, traders maintain a broader bullish outlook and will likely seek buying opportunities on dips once support solidifies.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00