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Technical Update - Gold resuming bullish trend but struggling for momentum. Silver eyeing 30 – again. Will it reach it?
Gold closed Friday above minor resistance at 2,353 cancelling the short-term corrective downtrend.
However, it seems as if gold cannot gain upside traction and if the precious metal is breaking back below 2,303, the bearish corrective scenario is likely to resume with downside potential to the 0.786 retracement of the mid-March to mid-April uptrend at 2,207 (blue Fibonacci levels).
But, if gold can build on the break of 2,353, there is short-term potential to the 0.786 retracement (green Fibonacci levels) at 2,398. A close above 2,400 could lead to a rally to new all-time highs with potential to 2,490.
Silver started the latest bullish move in precious metals, bouncing early last week from support around 26. 26 is a strong support going back to 2022 and 2023.
Spiking above the 0.618 retracement at 28.35 on Friday only to close below, silver could be in for a minor bearish correction, possibly down to the 27.75 support.
RSI is back above the 60 threshold, supporting the bullish move in silver. A bullish move that could potentially take silver back to the previous peak around 29.80, possibly higher. But the 30 is a very strong resistance level that once again could prove too strong to penetrate..
If silver is closing below 27, the bullish picture is demolished.
Spiking above the 0.618 retracement at 28.35 on Friday only to close below, silver could be in for a minor bearish correction, possibly down to the 27.75 support.
RSI is back above the 60 threshold, supporting the bullish move in silver. A bullish move that could potentially take silver back to the previous peak around 29.80, possibly higher. But the 30 is a very strong resistance level that once again could prove too strong to penetrate..
If silver is closing below 27, the bullish picture is demolished.