Gold: Responds to $4,250 Support amid Ongoing Consolidation
Gold came under renewed bearish pressure, testing the key $4,250 support level where buyers produced a bounce reaction. The price has recovered a portion of its losses and is currently trading near yesterday’s low. Consolidation around $4,250 is expected to persist, with price action poised to either stage a firmer upward bounce or break down below $4,250. A downside breakdown would direct focus toward the green box support zone between $4,110 and $4,190.
Today’s critical levels to watch:
Support: $4,350, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Tests $64.00 Support Zone as Traders Gauge Next Move
Silver encountered bearish pressure near the $64.00 mark, though no new lower swing low has been printed for now. Traders are observing price reactions closely at this key junction. A strong bullish bounce from $64.00 could prompt silver to retest its latest swing high, with potential momentum pushing toward the $70.00 handle. Conversely, a breakdown below $64.00 will open the green box support target between $59.00 and $61.00.
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: Surges back toward $95.00 with Strong Momentum
Crude oil launched a strong upward move, displaying robust bullish momentum as it trades near the $95.00 level. If buyers maintain momentum and completely erase the recent drop from the swing high, the primary bullish trend will continue. Otherwise, if sellers defend the $95.00 mark, a secondary bearish correction back toward the major ascending trendline could still develop.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00, $110.00