The chart shows that silver requires a break above $90 to trigger a strong move.
Bottom Line
The short-term outlook for gold and silver is still negative as rising oil prices continue to put pressure on inflation and delay interest rate cuts. Gold is attempting to rebound from the $4,400 to $4,500 support zone but the trend is still bearish below $4,650. If it breaks below $4,400, then $4,000 might be the next target. Silver is also in correction, with $72 as the first support and $50 to $60 as the major support zone. But geopolitical tensions still back both metals prices in the long run. If oil prices remain high and the risk in Iran remains elevated, gold and silver could be considered as safe-haven assets, once this correction is over.
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