Gold: Pauses Within Yesterday’s Range Ahead of Key Risk Events
Gold paused its recent upward momentum today, with price action remaining contained within yesterday’s trading range. Sideways consolidation may continue over the immediate term as market participants observe ongoing U.S. midterm election developments alongside the upcoming U.S. employment data release later this week. From a technical standpoint, the primary trend remains bearish. Any continuation higher during this consolidation phase will likely face strong resistance around $4,000.00 ($4,018.60), presenting potential short-entry opportunities targeting the 127.2% Fibonacci extension near $3,834.29.
Today’s critical levels to watch:
Support: $3,900
Resistance: $4,000, $4,250, $4,350
Silver: Remains Under Pressure Near $50.00 Psychological Level
Silver remains under bearish pressure, continuing to trade in close proximity to the $50.00 psychological support mark. There is no technical indication of a bullish trend reversal yet, and the primary path of least resistance stays directed downward. Traders are advised to continue avoiding long positions. Should sellers push price action decisively below $50.00, downside targets remain set toward the descending trendline and the Fibonacci extension area at $46.52. On any corrective bounce, resistance is expected at $54.00.
Today’s critical level to watch:
Support: $50.00
Resistance: $54.00, $59.00
Crude Oil: Trendline Retest Produces Bullish Bounce Reaction
Crude oil tested its primary ascending trendline and produced a clean bullish bounce reaction. If buyers sustain momentum and push prices upward over upcoming sessions, crude oil is positioned for another rally attempt toward new higher swing highs. On the upside, immediate targets sit at $97.95 and $100.00 ($100.29), with major resistance overhead near $107.38. Conversely, a break back below the trendline and $95.00 ($94.72) would expose lower Fibonacci support around $90.00.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00, $110.00