GOLD TECHNICAL ANALYSIS
Gold may be primed for a push higher given signs of
an uptrend have emerged on the daily chart. A break above several
resistance levels and spike in volatility also suggests the potential
for further gains. The slight pullback to support at 1,310 is seen as an
opportunity for new long entries, with a target offered by the April
high near 1,330. While several Doji candlesticks hint at hesitation from traders, they alone are not enough to signal a potential correction.
Gold: Breakout Affords Bullish Bias
SILVER TECHNICAL ANALYSIS
Silver may be set to extend its recent gains following a break above the 61.8% Fib Retracement Level at 20.80. With an uptrend on the daily intact, the March highs near 21.66 look attainable.
PALLADIUM TECHNICAL ANALYSIS
Palladium’s recovery is seen as an opportunity to enter new short positions given resistance at 836 hangs nearby, and signs of downtrend have emerged. Buyers would likely look to keep the precious metal supported at the 805 mark.
Palladium: Facing Potential Correction
PLATINUM TECHNICAL ANALYSIS
Platinum’s consolidation continues following the bounce off its range-bottom at 1,424 on the back of a Hammer formation. The emergence of a Hanging Man candlestick on the daily offers a potential reversal signal, however it has yet to be confirmed by a successive down-day. A correction may be met by buying support at 1,424.
Platinum: Hanging Man Suggests Bears Returning