![Technical Update - Gold resuming uptrend, to 2,300? Silver tagging along, key resistance at 26](/-/media/content-hub/images/categories/commodities/gold/0430goldl.jpg)
Technical Update - Gold resuming uptrend, to 2,300? Silver tagging along, key resistance at 26
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Kim Cramer Larsson
Technical Analyst, Saxo Bank
- Gold (XAUUSD) has shown a smaller correction than expected, resuming its uptrend after the recent Federal Reserve announcement. With various Fibonacci projections suggesting potential targets, the metal's price could see further increases in both the short and medium term
- Silver's approach towards the 26.00-26.75 resistance area is a key development to watch
Gold (XAUUSD) experienced a lesser correction than anticipated, swiftly resuming its bullish trend following the Federal Reserve's latest announcement.
This morning, gold nearly reached the 1.618 Fibonacci projection of the correction at 2,225. In the short term, a move towards the 2.00 projection of the correction at 2,244 and the 1.764 projection of the December-February range at 2,256 appears probable
Gold and Fibonacci
Diving deeper into Fibonacci analysis (sorry for getting a bit technical now going full Fibonacci nerdy - Fibonacci Extension coloured red and illustrated by the balck arrows).), the 0.236 extension aligns with the previous peak at 2,195, and the 0.382 extension is close to the 1.618 projection of the correction at 2,226.
The 0.618 Fibonacci extension suggests a potential target of 2,276
The RSI's positive sentiment underpins the bullish trend, which could propel gold towards 2,300 in the medium term. Specific targets include the 0.786 extension at 2,311 and the 1.476 projection at 2,287 on the weekly chart.
To reverse this bullish outlook, gold would need to close below 2,146.
Silver (XAGUSD) is on an bullish trend, aiming for a substantial resistance area between 26.00 and 26.75. Despite this bullish movement, silver is trailing behind gold, and the current flatness of the RSI indicator does not provide a strong conviction for the trend's continuation. Investors should brace for a potential correction from around the 26.00 resistance level.
A daily close below 24.60 would challenge the bullish perspective, indicating a possible shift in the market sentiment or trend.
Conversely, a weekly close above the 26.00 mark would affirm a bullish medium-term trend for silver, suggesting further upside potential