Gold Hits New Highs But Pulls Back; Silver Struggles at Resistance
• Gold prices surged to new all-time highs in early 2024, reaching $2,222, but have since pulled back slightly. Technicals remain bullish but overbought conditions suggest potential for a correction. Key support at $2,145, with resistance at the recent $2,222 peak.
• Silver also rallied but gains were more modest. Approaching major resistance around $26 where advances were halted in 2023. A break above would target $26.95 and $28.75. Support spans $23.30-23.05.
• If gold pulls back further, channel support at $1,920 and then $1,810 will be in focus. Bulls need to defend $2,070 to avoid a deeper retracement.
• Silver facing likely rejection and knockback at the $26 resistance level based on historical price action. Cluster support between $23.30-23.05 with long-term trendline support at $22.
• Article explores technical outlook for gold and silver prices, offering trading insights and identification of key support/resistance levels.