Gold new lower low
Gold extended its near-term weakness today, pushing lower to approach its daily SMA 200 dynamic support line. By printing a fresh lower swing low, the technical structure suggests that the broader bearish movement could continue to control price action. However, the commodity is currently trading directly within a critical long-term average zone where significant bullish bounces have happened in the past. Given this historical context, chasing shorts at these extended levels carries heightened risk; closely observing the immediate candlestick reactions around these key averages remains the most prudent approach.
Today’s critical levels to watch:
Support: $4,546, $4,500, $4,380
Resistance: $5,000, $5,200, $5,500
Silver testing trend line
Silver is currently undergoing a major technical test as it directly challenges its primary ascending trend line. The key question for traders is whether the market will respect this dynamic support and trigger an upward bounce, or if the current bearish pressure will result in a clean breakdown. A decisive break beneath this trend line support will invalidate the immediate bullish outlook and likely open the door for an extended downside extension targeting the $70.00 psychological 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 bearish pressure
Crude oil faced sustained bearish pressure during today’s session, aggressively attacking the pivotal $90.00 psychological floor and printing a sharp intraday drop below it. However, the downward momentum seems to be cooling off as price is being slowly bought back up from its session lows. If buyers can successfully claw back above this $90.00 line by the closing bell, it will form a notable tail on the daily candle, indicating resilient demand near the $90.00 level.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00, $77.13
Resistance: $95.00, $100.00, $110.00
Comments
Log in or sign up to join the conversation.