Gold was a touch firmer in early trade on Friday. Its path towards a fresh record high has certainly been bumpier than it was during the two month rally from mid-February. Back then, gold pushed ahead in a steady and relentless fashion, with a healthy period of consolidation in March. But the last month has seen some heavy setbacks which look likely to have driven out weaker hands. It looks as if a bottom was hit in early May, south of $2,300. But the rally since then has been jerky. Gold suddenly flew higher this afternoon, pushing back above $2,400. It’s still a few dollars short of its all-time high from mid-April, and we should find out if $2,400 acts as support on the next pullback.
Silver has had a better month than gold so far, with strong rallies punctuated by shallow pullbacks. The area around $30 functioned as major resistance in March-April 2022, April-May 2023 and December 2023. But it surged above here earlier this afternoon. Like gold, it will be interesting to see if this significant level will hold as support on any future pullback.
Silver has had a better month than gold so far, with strong rallies punctuated by shallow pullbacks. The area around $30 functioned as major resistance in March-April 2022, April-May 2023 and December 2023. But it surged above here earlier this afternoon. Like gold, it will be interesting to see if this significant level will hold as support on any future pullback.