Gold: Bounces From $4,250 Support Amid FOMC Uncertainty
Gold pushed lower to print a new lower low before managing to bounce off the $4,250.00 support level. With the ascending trendline now broken, the short-term technical situation favors the bears. However, market participants are bracing for potential volatility around this week’s FOMC meeting following the rate announcement. Traders will observe whether gold prices break below $4,250.00 to extend the decline toward the $4,120 – $4,160 target zone, or immediately move upward to target a new higher swing high.
Today’s critical levels to watch:
Support: $4,250, $4,000
Resistance: $4,350, $4,500, $4,546, $4,700
Silver: Pressuring $64.00 Support Ahead of Catalyst
Silver remains under pressure, with price action trading near the critical $64.00 support level. Much like gold, traders are waiting for further confirmation before committing to new directional setups. If sellers manage a clean breakdown below $64.00, the commodity could continue lower toward the lower support area between $59.20 and $60.86. Otherwise, holding above current levels keeps room open for a technical consolidation.
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: Hits New High Before Pulling Back
Crude oil extended its bullish momentum to print a new higher high, though it retreated off the peak to trade near its opening level. A short-term bearish correction toward $95.00 or the previously broken swing high at $93.48 remains likely. However, a deep pullback is not mandatory, as strong underlying buying interest could allow price action to continue its upward trajectory without a significant dip.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00