Gold Rebounds Amid Trade War Fears
Gold prices rebounded from session lows after former U.S. President Donald Trump announced plans to impose a 25% tariff on European Union imports. The news sparked renewed demand for safe-haven assets, pushing gold higher in early trading.
From a technical perspective, gold must break above the strong resistance level at $2930 – $2940 to gain further bullish momentum. A successful move past this zone could lead to a rally toward new highs.
Silver Price Outlook – Key Resistance Levels in Focus
Silver found strong support in the $31.45 – $31.75 range and is attempting to reclaim the $32.00 level. If silver manages to hold above this threshold, it could target the next resistance zone between $32.75 and $33.00. A breakout above this range may pave the way for further upside.
Platinum Struggles to Hold Gains
Platinum attempted to surpass the $985 resistance level but lost momentum, retreating toward the 50-day moving average (50 MA) at $966. A move below this technical level could trigger additional selling pressure, pushing prices down to the nearest support zone at $935 – $940.
Market Outlook and Economic Events
With global economic uncertainties and geopolitical risks in play, precious metals remain in focus for investors seeking safe-haven assets. Traders should monitor key resistance and support levels to identify potential breakout or pullback opportunities.
For a complete list of today’s economic events, visit our economic calendar.
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Stay updated with the latest gold, silver, and platinum price forecasts to navigate the market effectively.
