Gold prices eased slightly during U.S. midday trading on Wednesday as short-term traders locked in profits. April gold futures were last seen down by $2.20, trading at $3,023.70, while May silver futures edged higher, gaining $0.028 to trade at $34.215.
The minor dip in gold is attributed to a stronger U.S. Dollar Index and a slight rise in U.S. Treasury yields, both of which are dampening fresh buying interest. However, continued safe-haven demand amid global economic uncertainty and geopolitical risks is helping to maintain a strong support base for both gold and silver.
Gold Price Outlook: Steady Climb Toward All-Time Highs?
Despite today’s modest decline, volatility remains low while prices hold at elevated levels, indicating potential for continued upside movement. Technical indicators suggest that gold remains in a bullish trajectory, with bulls maintaining a solid near-term advantage.
- Key Resistance Levels for Gold (April Futures):
- $3,042.40 (this week’s high)
- $3,050.00
- Major upside target: $3,100.00
- Key Support Levels:
- $3,017.80 (overnight low)
- $3,007.70 (this week’s low)
- Major downside target: $2,900.00
Silver Price Forecast: Bullish Trend Holds Above $34
Silver continues to maintain its bullish momentum, with May silver futures forming a steady three-month uptrend on the daily charts. The market remains technically strong, driven by increased industrial demand and overall risk-averse investor behavior.
- Resistance Levels for Silver (May Futures):
- $34.56
- $35.00
- Long-term target: $35.80 (October 2024 high)
- Support Levels:
- $34.00
- $33.38 (weekly low)
- Critical support: $32.215
Wyckoff’s Market Rating for silver remains at 6.5, reflecting a continued edge for the bulls.
Market Drivers: USD Strength, Treasury Yields, and Crude Oil
- U.S. Dollar Index: Modestly higher
- Crude Oil (NYMEX): Firm at around $69.75 per barrel
- 10-Year U.S. Treasury Yield: 4.334%
- U.S. Stocks: Trading lower at midday, though recent rebounds suggest possible market bottoms forming.
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