Precious Metals Rally Faces Major Resistance Levels Despite Geopolitical Tensions

Gold and silver have rallied recently on geopolitical tensions and dovish Fed comments, but face major resistance levels.

Gold faces resistance at $1953, the 89-day MA, 200-day MA and upper Ichimoku cloud edge. A break below $1905 could signal downward pressure remains.

Silver has met resistance at the uptrend line from late 2022 and the 200-day MA around $23.25-23.75. A break above needed to fade downward pressure.

The recent precious metal rebounds look similar to the failed mid-2022 recovery, with new lows months later.

Upside breakouts above key levels needed for bullish outlooks - gold above $1987 and silver above $25.50-26.25.