Gold: Sharply Higher Post-FOMC, Tests Key $4,350 Resistance
Gold rallied sharply higher, completely erasing the losses triggered by the FOMC meeting and printing a fresh higher high. However, buyers need to secure a decisive weekly close above the $4,350.00 resistance level to confirm that bulls are taking control of the trend. If gold fails to sustain above this barrier, bearish momentum could return to retest the critical $4,250.00 support level. A breakdown below $4,250.00 would open the door for a deeper drop toward the $4,100.00 – $4,150.00 target zone.
Today’s critical levels to watch:
Support: $4,250, $4,000
Resistance: $4,350, $4,500, $4,546, $4,700
Silver: Bounces from $64.00, Bears Retain Short-Term Control
Silver staged a strong rebound from the $64.00 support zone, forming a daily bullish engulfing candle that signals an initial attempt by buyers to defend lower levels. Despite this positive reaction, the daily chart structure continues to print consecutive lower highs, indicating that sellers maintain overarching control. Until a new higher high is established, the path of least resistance remains tilted to the downside in the short term, with any renewed selling pressure putting the $60.00 – $60.86 ($59.27) area back in focus.
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: Under Bearish Pressure, Holds Above $100.00
Crude oil faced increased selling pressure today, initially dipping below yesterday’s low before staging a slight recovery to trade near session lows. Despite the downward push, WTI crude continues to hold its position above the key $100.00 ($100.29) psychological level. Should downside extension resume, the $95.00 region ($94.72) and the previously broken swing high remain the primary targets for buyers to step in during a broader corrective pull.
Today’s critical level to watch:
Support: $100.00, $95.00, $90.00, $85.00, $80.00
Resistance: $110.00