Gold: Bearish Pressure Meets Recovery Near Friday’s Low
Gold experienced bearish pressure at the start of the week, initially falling below Friday’s low. However, the precious metal has since staged a recovery and is currently trading not far from that level. We maintain our long-term bullish target at the green box area and will continue to use the pullback, particularly the $4,250 level, as an area for accumulation. While a breakout lower could deliver the price down to $4,100, the overall trend remains bullish as long as no lower swing low is printed.
Today’s critical levels to watch:
Support: $4,350, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Contained Within Friday’s Range
Silver remains mostly contained within Friday’s trading range. If there is another bearish attempt toward the $64.00 mark and the price manages to print a higher swing low, the market might be setting up for a new bullish leg. Traders will continue hold long positions or wait sideline for now. On the upside, the $70.00 and trendline is the target.
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: Bearish Correction Underway Testing $95.00
A bearish correction in crude oil has officially started, with the price currently testing the $95.00 level. This pullback might extend lower toward the previously broken swing high or down to the ascending trendline. Nevertheless, the overall macro trend remains bullish, and traders will likely wait until the bearish correction is fully completed before looking to add to long positions.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00, $110.00