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Gold and Silver are About to Break the Ceiling
Gold and Silver are About to Break the Ceiling
Gold returned to growth this week, re-entering the territory of historical highs after a brief correction at the end of last week. The reason for the new growth momentum is new bouts of tariff wars, which intensifies the pull to safe havens on the part of Central Banks. They continue to buy gold instead of US Treasury bonds.
The current growth is a logical development of the technical picture, which we have described many times before. Its logical development will be a growth to the area of $3180 in the perspective of a couple of weeks and a rise towards $3400 by the end of summer.
Silver also shone, climbing to levels above $34 per troy ounce. The last time we briefly saw such a price was last October. Before that, it wasn't since 2012. Even then, it was a pivotal area. The bulls are clearly looking at the current situation with some trepidation. A foothold at this level or higher would take the upside potential to $50 an ounce, which is almost half the price of current levels. Compare that to gold's 11% appreciation potential.
By the FxPro Analyst Team
Gold, GBPUSD, EURUSD
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