What price level does gold and silver need to break through in order to further rise?
FX Empire analyst Vladimir Zernov stated that gold, silver, and platinum have all fallen below recent key resistance levels, and the precious metal market is waiting for the next upward catalyst.
Zernov said, "The gold price is trapped below the key resistance level of $2520-2530 as traders wait for more catalyst. The technical outlook for gold is bullish, but it needs to close above $2530 to gain upward momentum
Speaking of silver, Zernov pointed out that on the daily chart, silver prices are striving to close above $30 per ounce.
Zernov said, "The yellow/silver ratio has fallen back to the 84.00 level, providing some support for the silver market. If silver climbs above $30, it will move towards the resistance level of $31.40-31.75
Platinum fell back after failing to break above the key resistance level of $975-985.
Zernov said, "The technical outlook for platinum remains unchanged as prices hover between support levels of $935-940 and resistance levels of $975-985
Daily chart of spot gold
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