Today’s analysis offers a comprehensive overview of the gold and silver markets, highlighting the key fundamental and technical factors shaping current trends. Our report is designed to provide investors with valuable insights to help them navigate these markets with confidence.
Gold prices have continued to attract buyers for the third consecutive day, inching closer to the all-time high reached earlier. Concerns about tariff uncertainty resurfaced during Thursday’s Asian trading session, overshadowing the temporary relief provided by Wednesday’s U.S. inflation data. The U.S. Consumer Price Index (CPI) showed a smaller-than-expected rise, easing fears of a slowdown triggered by Trump’s tariffs. The U.S. annual headline CPI increased by 2.8% in February, compared to January’s 3% and the expected 2.9%. Both the monthly CPI and core CPI rose by 0.2% during the same period.
Gold maintains a positive bias for the third straight day, staying near its all-time high. It continues to form higher highs, establishing an ascending triangle pattern, which could be confirmed with a daily candlestick close above the record high of $2,956. A break above this level could target the $2,970 round figure, and if buyers push higher, the $3,000 psychological level may come into play. The 14-day Relative Strength Index (RSI) is currently above 50, suggesting potential for further upward movement.
On the downside, strong support is seen at the 21-day Simple Moving Average (SMA) around $2,916. If selling pressure increases, a pullback toward the $2,900 psychological level could occur. The Stochastic Oscillator is at 80, and the RSI stands at 62, indicating that momentum remains favorable for further price advances.
Silver continues its upward movement, surpassing the $33.00 mark, with the gold/silver ratio hovering near the 89.00 level. If the uptrend persists, silver is likely to encounter the next resistance range between $33.33 and $33.80. The short-term Stochastic Oscillator is currently at 90, while the Relative Strength Index (RSI) is at 60, suggesting that the momentum remains strong but may approach overbought conditions in the near term.
In the dynamic and constantly changing bullion markets, staying informed through both technical and fundamental analysis is essential for making sound investment decisions. Our report aims to offer a well-rounded perspective to help investors navigate the complexities of gold and silver trading effectively.