Key Takeaways:
- Gold and silver prices are on the rise, with strong bullish momentum
- Gold is trading at $2,515.83 and silver at $30.02
- Gold is eyeing resistance at $2,527.22, while silver is targeting $30.19
- Technical indicators suggest potential further upside for both metals
Gold Eyes Higher Levels as Bulls Maintain Control
Gold is currently trading at $2,515.83, showing solid momentum within an ascending channel on the 4-hour chart. The 50-day Exponential Moving Average (EMA) at $2,497.18 has been a key support level. Resistance is at $2,527.22, with potential targets at $2,540 and $2,565. On the downside, $2,499 serves as immediate support. The Relative Strength Index (RSI) is around 62, indicating room for further upside.
Silver Targets New Highs Amid Strong Momentum
Silver is trading at $30.02, continuing its bullish trend within an ascending channel. The 50-day EMA at $29.31 provides solid support. Immediate resistance is at $30.19, with targets at $30.50 and $30.98. Support is near $29.74. The RSI is at 67.27, approaching overbought territory.
Conclusion: Keep an Eye on Resistance Levels
Both gold and silver show strong bullish trends with potential for further gains. Gold eyes resistance at $2,527.22 and targets $2,540 and $2,565. Silver aims to break through $30.19 for higher gains. Traders should watch for potential reversal signals if key resistance levels are not cleared.