GOLD:
Gold dipped a bit today, closing near $3,335 per ounce, down about $20 or 0.6% from yesterday. The market was a bit ranging as investors waited for some important U.S. inflation data coming later this week. Some traders broke even and secured partials after recent gains, which weighed on prices.
Even with the little drop in price, gold is still moving due to ongoing worries about inflation and global uncertainties, which continues to keep it attractive. Technically, gold is still at support around $3,320 to $3,330, with resistance expected between $3,370 and $3,400.
SILVER:
Silver also slipped slightly, trading near $37.40 per ounce, down roughly 45 cents or 1.2% on the day. This comes after a mixed week for silver, but the metal’s longer-term outlook remains solid.
Demand from industries like solar energy and electronics continues to support silver’s price, while supply shortages keep the market tight. Silver is facing resistance near $38.20 to $38.75, with support around $36.85. Traders are carefully balancing short-term profit-taking with a watchful eye on upcoming economic reports.
N/B: All screenshots are mine.
