Market News

Gold, Silver Prices Finish Strong, Bearish Trends Persist

Gold silver prices

Gold and silver prices surge, facing resistance but maintaining gains amid bearish trends. Key levels highlighted for traders.

Gold and silver prices are wrapping up a robust week with notable gains. XAU/USD has surged over 2.4 percent, marking its best performance since March. The cautious tone set by the Federal Reserve in recent statements has attributed to this rally. Gold faces a critical resistance level at 1884.89, a significant inflection point from August. Above this, the 50- and 200-day moving averages present additional hurdles. The bearish crossover observed in September has established a downward technical bias. If a reversal occurs, the Fibonacci retracement midpoint at 1848.37 and the range between 1804.78 and 1815.30 become essential support levels.

Gold, Silver Prices Finish Strong, Bearish Trends Persist

Silver, represented by XAG/USD, has experienced a similar uptrend, rising almost 2 percent this week. The last time silver displayed such momentum was in mid-September. Immediate resistance levels include the former support range from September and the 38.2% Fibonacci retracement level at 22.85. These levels might reinforce the broader bearish trend observed since early May. In a downturn, the Fibonacci retracement midpoint at 21.84 provides initial support, followed by the 61.8% level at 20.83. A breach below the latter would indicate a potential resumption of the downtrend.

As the weekend approaches, traders closely monitor these critical levels in gold and silver markets. Any further developments will likely influence the outcome of Fed communication and broader market sentiment. Advisors recommend that investors remain vigilant, considering these technical factors as they make their trading decisions in the precious metals market.

Stay informed and stay ahead in the fast-paced world of financial markets. Ensure you’re up-to-date with the Latest Market News and trends by visiting our YouTube Channel, where you can access the most recent and insightful Forex analysis.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.