Gold and silver prices exploded? Market technical analysis and future trends!
On Wednesday (July 3), the latest data released showed that 238,000 people filed for unemployment benefits in the United States in the week to June 29, compared with the expected 235,000 and the previous value of 233,000. Spot gold exceeded $2,355 per ounce for the first time since June 21, rising 1.09% on the day. Gold: Breaking through key resistance levels, outlook for further rebound. On Wednesday, spot gold ushered in a round of rapid gains during the European time. The long and short positions of gold were fiercely competing at the 2340 mark, reaching a maximum of 2355.26 US dollars per ounce. It is now trading near the 2350 mark. This breakthrough is undoubtedly a positive signal for the gold market. This effective breakthrough in gold prices will likely put an end to the previous bearish scenario and pave the way for a further rebound in gold prices. From the perspective of technical analysis, if the gold price can continue to stabilize above US$2,350.10 per ounce, it is expected to first test the resistance level of US$2,365.00 per ounce, and may even challenge the higher target of US$2,400.00 per ounce. Silver: The upward trend is obvious, and the target is directly at $30.60 per ounce. Similar to gold, spot silver also showed strong upward momentum on Wednesday, with an intraday increase of nearly 1.5%, and the price of silver was once close to $29.95 per ounce. As long as silver prices can stay above support at $29.30 an ounce, further gains are expected to test the first target of $30.60 an ounce. If silver prices can move above this target, the next bullish target would be $31.00 an ounce. However, if the price of silver falls below $29.30 per ounce, The market may then re-enter a corrective bearish trajectory, with silver prices likely to first test support at $28.55/oz. The author believes that as for gold’s further rebound, as long as the price of gold can stabilize above the key support level, the market’s optimism is expected to be continued. As for silver, more attention is paid to whether it can continue to remain above the support level of $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 affected by many factors such as the global economic situation, monetary policy, and geopolitical events. Therefore, although gold and silver are currently showing a certain upward momentum, various possible risk factors still need to be considered comprehensively. Author: Zhou Tong (analyst) 03-07-2024 At 21:00 Hong Kong time, spot gold was trading at US$2,350.56 per ounce. #The above are only the author’s personal opinions and have nothing to do with the company’s position. Warm reminder from Hongfeng Gold: The strategic suggestions are for reference only. There are risks in entering the market, so investment needs to be cautious.