Gold: Bullish Recovery Attempts Retest Following $4,000 Breakdown
Gold is mounting a bullish recovery following Friday’s breakdown below the $4,000.00 ($4,018.60) psychological mark. The current bounce offers traders an opportunity to search for short position setups at better entry prices, aligned with the primary downward trend. If sellers defend the $4,000.00 resistance area and reassert control, price action is expected to continue lower toward the 127.2% ($3,834.29) and 161.8% ($3,599.84) Fibonacci extension targets.
Today’s critical levels to watch:
Support: $3,900
Resistance: $4,000, $4,250, $4,350
Silver: Recovers Above $50.00, Broad Trend Favors Downside Extension
Although silver closed below the $50.00 psychological level in the previous session, price action managed to bounce back above it today. Should this short-term bullish recovery extend higher, the $54.00 former breakdown level will serve as the immediate resistance target. Overall, the broader trend remains decidedly bearish, and market expectations point toward eventual downward continuation targeting the descending trendline and lower extension targets near $46.52.
Today’s critical level to watch:
Support: $50.00
Resistance: $54.00, $59.00
Crude Oil: Sharp Retracement Pulls Back to Test $95.00 Support
Crude oil experienced a sharp pull back from above the $100.00 level, driving prices lower to reach the $95.00 ($94.72) support boundary. If short-term selling pressure persists, crude oil will likely extend its weakness to perform a retest of the main ascending trendline. Traders will monitor price behavior around the $95.00 level and the trendline to gauge whether buyers will re-emerge to resume the primary bullish trajectory.
Today’s critical level to watch:
Support: $95.00, $90.00, $85.00, $80.00
Resistance: $100.00, $110.00