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Technical Update - Gold eyeing 2,300 levels. Silver tagging along likely breaking above 26.00

Commodities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

  • Gold uptrend could continue to 2,300 possibly higher short-term

  • Silver tagging along likely to break 26.00 and could text 26.75 resistance

Gold XAUUSD has reached the 1.618 projection of the minor correction peak to trough of the two volatile days, 21st and 22nd March (blue Fibonacci levels), at USD 2,264.
However, there could be further upside potential for the precious metal. RSI is showing divergence, indicating an imbalance, but it is close to being traded out. This will occur if RSI is closing above the dashed blue line.

A bullish move to the 2.00 (200%) projection at USD 2,289 is in the cards. However, a bullish move to the 0.786 Extension (red Fibonacci levels) of the uptrend since February at USD 2,312 (the 0.786 Extension) could be seen.

To demolish and reverse this bullish scenario, a close below USD 2,146 is necessary. A close below USD 2,195 will place Gold in wait-and-see mode

gold d 0204
Source all charts and data: Saxo Group

Silver XAGUSD has bounced from the 0.382 Fibonacci level at around USD 24.44 now resuming uptrend. A bullish move to the 1.618 projection and resistance at around USD 26.70-26.75 is in the cards.

RSI is showing positive sentiment and no divergence, supporting the bullish scenario.

To reverse this picture, a close below USD 24.30 is needed.

silver d 0204

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