Today’s analysis offers a comprehensive overview of the gold and silver markets, highlighting the fundamental and technical factors shaping current trends. Our report is designed to provide investors with the insights needed to navigate these markets with confidence.
The gold price faces continued selling pressure for the second consecutive day, driven by a broadly stronger USD. Despite a risk-off sentiment and falling US bond yields, the precious metal finds little support. Traders are now awaiting the US PCE Price Index for potential market movement. The latest tariff threats from US President Donald Trump have added to the market’s uncertainty, with Trump confirming that the proposed 25% tariffs on Mexican and Canadian goods will take effect on March 4, along with an additional 10% duty on Chinese imports. These remarks follow his earlier suggestion that the tariffs could be delayed until April 2.
Gold prices remain under pressure, hovering near a two-week low, largely due to modest USD strength. On Thursday, gold closed below the critical 21-day Moving Average support level at $2,890, which has added further downward pressure. However, the price remains above the 14-day Relative Strength Index, suggesting that buyers are still active. The Stochastic Oscillator stands at 34, and the Relative Strength Index is at 50, indicating a balance between buying and selling pressures.
Silver has dropped, breaking through strong support in the $31.50 – $31.75 range, and is now attempting to stabilize above the $31.00 level. The close on Friday will be key in determining the direction for the upcoming week. The short-term Stochastic Oscillator is at 18, while the Relative Strength Index (RSI) is at 42, indicating bearish momentum but with some room for potential recovery.
In the dynamic and constantly changing bullion markets, staying updated with both technical and fundamental analysis is essential for making informed investment decisions. Our report aims to offer a balanced perspective, helping investors navigate the complexities of gold and silver trading with greater confidence.