Gold break below $4,546
Gold prices suffered a significant technical breakdown today, breaking below the critical $4,546 support level to print a fresh lower low. This move shifts the near-term technical outlook decidedly in favor of the bears, signaling an end to the recent consolidation phase. It seems the price now has the potential to extend its weakness further downward, with sellers likely targeting the daily SMA 200 and the major $4,250 support level next.
Today’s critical levels to watch:
Support: $4,546, $4,500, $4,380
Resistance: $5,000, $5,200, $5,500
Silver to target $70.00
Silver has resumed its downward trajectory after failing to mount a recovery back above the $80.00 psychological level. The inability to reclaim this key milestone has re-energized sellers, confirming that the short-term bias remains firmly bearish. Moving forward, the price is set to continue its weakness with its sights focused on testing the major $70.00 support level.
Today’s critical level to watch:
Support: $80.00, $70.00, $54.00, $50.00
Resistance: $83.91, $85.00, $100.00, $120.00
Crude oil moving above triangle
Crude oil is currently trading above its symmetrical triangle pattern, securing a technical breakout from the multi-session consolidation zone. However, there is no strong bullish continuation confirmation just yet, as the market hesitates immediately following the breach. Nevertheless, if the breakout sustains and the price continues its upward momentum, it will move to challenge the previous swing high.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00, $77.13
Resistance: $100.00, $110.00
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