Gold Attempts to Rebuild Momentum Amid Resistance Levels
A firmer US dollar coincided with diverging moves in precious metals, with gold attempting to rebuild momentum while silver printed a fresh local low. In gold, Monday’s daily close back above the falling wedge’s upper boundary invalidated the prior breakdown, and Tuesday’s dip to 4001.80 held before a rebound towards 4045.10. Price has entered Friday’s bearish gap at 4042-4060, which overlaps with resistance at the lower edge of a black declining channel; a daily close above 4060 would close the gap and lift price back above that channel marker. Further upside levels cited were the weekly bullish gap at 4098-4135, then 4156, with the channel’s upper boundary near 4204, while 4000 remains key support.
Silver Weakens Further as Bearish Gaps Emerge
Silver, by contrast, followed 5305 with a drop to 5273 after failing to reach Friday’s 5466-5500 bearish gap. A new bearish gap at 5392-5434 formed, opposing Monday’s bullish opening gap at 5394-5419, and the session high of 5429 left that gap unfilled. The next markers were a daily close above 5434, then recovery of 5500, while the broader breakdown below the 5556-5959 orange consolidation keeps 5180 in view, with 5128.77 cited as a conditional 127.2% Fibonacci extension reference. Indicators referenced for silver were Stochastic, RSI, and CCI, all reflecting weakness and oversold conditions, but the framework still hinges on reclaiming lost resistance.
