Gold: Massive Breakdown Below $4,250 Reaches Buy Target Zone
Gold experienced a strong bearish breakdown below the key $4,250 level, driving prices lower directly into the primary buying support zone between $4,110 and $4,170. Given the strong downward momentum, sellers may attempt further downside extensions in the short term. However, if price action stalls near this support area and produces a false breakdown pattern, it will serve as confirmation to enter long positions.
Today’s critical levels to watch:
Support: $4,350, $4,250, $4,000
Resistance: $4,500, $4,546, $4,700
Silver: Breaks Below $64.00 into Key Support Target
Following gold’s price action, silver suffered a sharp breakdown below the $64.00 support level, pulling price directly into the green box support zone between $59.00 and $61.00. Focus now shifts to waiting for price action to stabilize within this buying area. A clear bullish reversal pattern around these levels will signal the opportunity to initiate long positions.
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 Pressure Persists near $90.00 Support
Crude oil came under renewed bearish pressure, driving price action back toward the $90.00 support handle. If sellers push the price lower and break below $90.00, weakness could extend further to test the primary ascending trendline. Traders will monitor reactions around $90.00 and the trendline for potential bullish support before considering renewed upward momentum.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00, $110.00