Today’s analysis delivers a comprehensive examination of the gold and silver markets, highlighting the key fundamental and technical factors influencing current price trends. This report is designed to provide investors with the critical insights needed to make informed decisions and navigate the precious metals market with confidence.
Gold prices continue to eye all-time highs at $2,956, with traders awaiting the US Nonfarm Payrolls report for further direction. The market is consolidating a three-day recovery while positioning for a potential retest of the record high ahead of key US economic data releases.
Recent data from ADP Research revealed that the US private sector added only 77K jobs in February, significantly below the expected 140K and far lower than January’s 186K. However, the ISM Services PMI rose to 53.5, surpassing expectations of 52.6, while the ISM Services Employment Index increased to 53.9 from January’s 52.3.
Traders will closely monitor the upcoming US Jobless Claims data and any policy developments from the Trump administration regarding tariffs, as these factors could influence USD performance and impact gold price movements.
On the daily chart, gold remains above its 21-day Moving Average of $2,906, despite recent minor pullbacks. A sustained uptrend will require a confirmed daily close above the $2,934 resistance level.
Momentum indicators suggest the bullish trend remains intact:
A breakout above $2,934 could pave the way for further gains, reinforcing gold’s push toward new record highs.
Silver continued its upward momentum, driven by increased demand for precious metals. A decisive weekly close above the $32.00 level is crucial for further gains. If silver successfully breaks this resistance, the next target range will be $32.74–$33.00. The short-term Stochastics Oscillator stands at 64, while the Relative Strength Index (RSI) is at 58, indicating moderate bullish momentum.
Navigating the dynamic bullion markets requires a comprehensive understanding of both technical and fundamental analysis. Staying informed is essential for making strategic investment decisions. This report aims to provide a well-rounded perspective, equipping investors with the insights needed to confidently approach gold and silver trading.