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.

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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

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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.

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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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