Gold: Rebounds Above Opening Level as Consolidation Continues
Gold faced early bearish pressure, but buyers quickly stepped in to reverse the movement, pushing prices back above the opening level. The consolidation phase near the key $4,250 support mark remains intact, creating potential for a higher low to form. If the bottom is established at this area, price action could launch a fresh bullish rally targeting a new higher swing high.
Today’s critical levels to watch:
Support: $4,350, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Sharp Reversal Eyes $70.00 Resistance Test
Mirroring gold’s price action, silver initially dipped lower before mounting a strong reversal to trade significantly higher on the day. The market remains bound within the broader $64.00 – $70.00 trading range. With buyers regaining control following today’s rebound, an upward attempt to retest the $70.00 key resistance handle could unfold soon.
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: $95.00 Support Holds amid Corrective Pullback
Crude oil is holding firmly at the $95.00 ($94.72) support level despite ongoing bearish pressure, extending lower to retest the previously broken swing high. The current price action remains completely within the macro scenario. If the price can stabilize around this level and stage a bullish bounce, the primary upward trend will resume. However, if sellers break lower, a deeper corrective pullback toward the ascending trendline could develop.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00, $110.00