Gold Price Dips Slightly Amid Profit-Taking, But Bullish Momentum Remains Intact

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.

📌 Stay Updated with the Latest Gold and Silver Price Forecasts

Bookmark www.dailyforex.pk for daily gold and silver price updates, technical analysis, and expert insights into the precious metals market. Whether you’re a trader or long-term investor, our real-time updates will help you stay ahead of market moves.

Hamza Shah