In the volatility of financial markets, gold and silver, as safe haven assets, have attracted much attention in their price trends. This article starts from a technical analysis perspective and combines the latest market trends to explore the rebound potential of gold after breaking through $2340/ounce, as well as the upward prospects of silver at the support level of $29.30/ounce.

Gold: Breakthrough key resistance levels, outlook for further rebound

On Wednesday, spot gold experienced a rapid rise in European trading, with intense competition between long and short positions at the 2340 level, reaching a maximum of $2344.26 per ounce. It is now trading near the 2340 level. This breakthrough is undoubtedly a positive signal for the gold market. According to the analysis of well-known financial information websites, this effective breakthrough in gold prices may stop the previous bearish scenario and pave the way for further rebound in gold prices.

From a technical analysis perspective, if the gold price can remain stable above $2340.10/ounce, it is expected to first test the resistance level of $2365.00/ounce, and may even challenge the higher target of $2400.00/ounce. However, the market is always full of uncertainty, and if gold bulls fail to hold onto the 2340 level, the bearish trend may continue.

Silver: Significant uptrend, target directly at $30.06 per ounce

Similar to gold, spot silver also showed strong upward momentum on Wednesday, with a daily increase of nearly 1.5%, and silver prices briefly approached $29.95 per ounce. Analysts point out that as long as silver prices can remain above the support level of $29.30 per ounce, it is expected to further rise, testing the first target of $30.06 per ounce.

If silver prices can break through this target, the next bullish target will be $31.00 per ounce. However, if the silver price falls below $29.30 per ounce, the market may enter a corrective bearish track again, and the silver price may first test the support level of $28.55 per ounce.

For the further rebound of gold, analysts generally believe that as long as the gold price can stabilize above the key support level, the market's optimism is expected to continue.

For silver, analysts are more concerned about whether it can continue to maintain support above $29.30 per ounce. This level is not only the key to whether silver prices can continue to rise, but also an important indicator of market sentiment.

As important investment tools, the price trends of gold and silver are influenced by various factors such as the global economic situation, monetary policy, and geopolitical events. Therefore, although gold and silver are currently showing a certain upward trend, various possible risk factors still need to be comprehensively considered.