Gold
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Silver
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The silver market experienced significant volatility with prices fluctuating due to various market factors. Technical analysis indicates a bullish trend with resistance at $34 CAD and support at $32 CAD. Constrained supply, rising demand, and USD weakness could potentially drive silver prices higher. Gold prices have been appreciating to all-time highs near $2,230 USD per troy ounce, with a correction expected soon. Anticipated rate cuts from the US Federal Reserve and escalating geopolitical tensions have increased demand for safe-haven assets like gold.
Forecasts predict a continuous shortage in silver supply, which will intensify pressure on physical inventories. Global silver demand is anticipated to reach its second-highest level ever, while supply is struggling to match this demand. The growing requirement from solar photovoltaics further exacerbates the tight supply situation, indicating potential increases in price.
The weekly chart indicates a bullish trend, with silver prices testing the resistance level at approximately $34 CAD. The support level is around $32 CAD.
Despite lower silver prices last week, the price remained steady.
The daily chart shows Silver rejecting our resistance at $34 and remaining below our main resistance, thereby forming a support level.
This could suggest that investors are accumulating in this area, anticipating a breakout soon. Further details will become clear as the price develops in the upcoming days.
The 200EMA is staying flat, showing signs of accumulation in this price range.
Gold price has been appreciating to all-time highs near $2,230 USD per troy ounce. It has been attempting to continue its winning streak for the fifth successive session. However, trading volumes are light as market participants are likely observing Good Friday.
Our indicators now show that we have reached a local top, meaning a correction is imminent. This is the perfect opportunity to stock up on Gold before it moves higher.
Investors are gaining confidence in Gold as they anticipate three rate cuts from the US Federal Reserve (Fed) in the coming months. Chicago Fed President Austan Goolsbee, leaning towards a dovish stance, expects three cuts but emphasizes the need for more evidence of inflation subsiding before implementing any action. The escalation of geopolitical tensions has heightened demand for safe-haven assets like Gold.
This information is solely for educational purposes and isn’t intended as investment advice. Every investor is encouraged to perform their own due diligence.
