Following sharp price swings triggered by the latest CPI data, gold has regained strength and moved back near its upward trend line. Silver continues to defend the $64 level, while crude oil has cooled off temporarily around the psychological threshold of $100 after the previous rally. Short-term market focus is centered on whether key technical levels can hold, as well as monetary policy clues ahead of next week’s FOMC meeting.
Gold Rebounds Toward Trend Line
Gold previously closed below the upward trend line and made another bearish attempt intraday. However, price volatility intensified after the CPI release, and the metal later turned upward again to return near the trend line. Traders will continue to monitor whether gold can stay near the trend line or the $4,350 level in the short term, waiting for more policy signals ahead of next week’s Federal Open Market Committee (FOMC) meeting.
From a technical perspective, key support levels for gold to watch are $4,350, $4,250 and $4,000. Major resistance levels stand at $4,500, $4,546 and $4,700. If prices stabilize around the trend line area, short-term sentiment will continue to revolve around policy expectations.
Silver Defends $64 Support
Silver remained near the $64.00 support level after yesterday’s decline. The overall structure has not shown obvious changes, and prices are still confined within established technical boundaries. The $64.00 level remains the main line of defense for buyers, while $70.00 acts as a critical upside resistance that needs to be broken to trigger a new round of rally.
Silver’s support levels to monitor today include $64.00, $54.00 and $50.00. Resistance levels are $70.00, $80.00, $83.91, $85.00, $100.00 and $120.00. In the short run, the market is more inclined to observe whether this support will remain valid rather than immediately confirming a trend reversal.
Crude Oil Cools Off After Rally
Crude oil has taken a brief breather after a sustained rally and is now consolidating near the psychological $100.00 mark. Analysis suggests crude may continue to retrace in the short term, retesting the previously broken $95.00 zone or the prior swing high at $93.48.
Despite this temporary pullback, traders maintain a bullish outlook for crude oil on the higher timeframe and may look for buying opportunities on dips once support re-stabilizes. Current support levels are $95.00, $90.00, $85.00 and $80.00, with the key upside resistance at $100.00.
