Precious metals continued to attract investor attention on Monday, with gold holding key support and silver extending gains to fresh multi-year highs. Meanwhile, WTI crude oil futures crept higher after consolidating near a major support band for several weeks.
Gold Holds Firm as Bulls Target Higher Levels
Gold prices opened Monday’s session by successfully defending key support at the $3,309–$3,300 zone, briefly dipping to a session low of $3,293 before rebounding. Bullish momentum pushed prices toward intraday targets at $3,320–$3,323 and $3,327–$3,330, with gold peaking at $3,337—the high of the day.
As long as gold remains above the $3,300 mark, bulls retain near-term control. Another retest of this level could offer long opportunities, though traders are advised to place protective stops below $3,291.
A break below $3,290 would constitute a bearish signal, opening the path toward $3,275–$3,273, and possibly extending down to $3,263–$3,260. On the upside, a move above $3,337 could pave the way for targets at $3,341–$3,344, with further resistance expected at $3,348–$3,350. However, range-bound conditions suggest limited upside beyond these levels in the near term.
Silver Breaks Out as Bulls Eye Higher Targets
Silver surged on Monday, decisively breaking through the 2024 high and key resistance at $34.86–$34.87. The rally peaked at $36.89, suggesting that bullish momentum may be accelerating.
With the breakout, silver appears poised to test the next target zone at $37.30–$37.45. Support is now seen at $35.80–$35.60, with stops for long positions recommended below $35.40. Should prices pull back further, strong support lies at $35.00–$34.80, and a break beneath $34.60 could threaten the recent bullish structure.
WTI Crude Creeps Higher After Weeks of Consolidation
WTI crude oil futures for July delivery continued to edge higher, posting a session range between $64.20 and $65.43. The market finally broke above the closely watched $63.40–$64.10 consolidation zone, which had held firm for nearly four weeks.
The breakout above $64.20 now targets strong resistance at $65.00–$65.50, a level that capped Monday’s advance. Should WTI breach $66.00, a bullish continuation could lift prices toward $66.90, and potentially as high as $67.80–$68.00.
For bearish traders, a reversal could target $63.90–$63.70, where a session low remains possible. Long positions below $63.00, however, are considered vulnerable, and traders are advised to use tight stops.
Outlook
Across gold, silver, and crude, key technical levels are guiding market behavior. While gold remains range-bound, silver has broken out decisively, and oil appears to be in the early stages of an upward move. Traders are watching for confirmation of these trends as macroeconomic and geopolitical developments continue to shape sentiment.
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