Gold and silver prices edge up amid market turmoil

Gold and silver prices edge up amid market turmoil

This morning, gold and silver prices in the US market recorded a slight increase, with silver increasing more strongly. The main reason comes from the demand for safe assets when the global market is still worried about the disruptive trade and foreign policies of the US.

In addition, technical charts are also supporting the bullish momentum of both gold and silver, attracting many investors to increase their buying.

Specifically, the price of gold futures for April delivery increased by 9 USD to 3,024.60 USD/ounce, while the price of silver futures for May delivery increased by 0.49 USD to 33.94 USD/ounce.

Stock market gloomy, USD weakens

Asian and European stock markets were mixed overnight. Meanwhile, the US market is expected to open flat after a relatively quiet trading session.

Barron's magazine reported: "The uncertainty over tariffs from the Trump administration could disrupt the current stability of the stock market and cause a new storm."

The US dollar weakened today, while WTI crude oil prices rose slightly to around $69.50/barrel. The yield on the 10-year US Treasury bond is currently at 4.358%.

Some of the US economic data to be released today include the Johnson Redbook retail sales report, home price index, Richmond Fed business survey, consumer confidence index and new home sales. These data could have a short-term impact on financial markets, including gold and silver.

Gold forecast to maintain upward momentum, silver may continue to consolidate

Technically, April gold futures remain in a strong uptrend. The next target for bulls is to push prices above the key resistance level at $3,100/ounce.

Meanwhile, the bears are hoping to push the price below the $2,900 support level. Currently, the immediate resistance is at this week's high of $3,038.40, followed by the record high of $3,065.20. The immediate support is at $3,007.70 and then $3,000.

For silver, prices remain in an uptrend despite the volatility. Bulls are aiming to push prices above the resistance level of $35.80/ounce (October 2024 high), while bears want prices to fall below $32.215.

Immediate resistance lies at $34.56 and $35, while the nearest support is at $33.165 and $33.

In a volatile market, gold and silver remain popular assets due to their ability to hedge against risks. However, investors need to closely monitor US policy moves, especially tariffs, as well as the movements of the USD to make appropriate decisions.

Source: https://baoquangnam.vn/gia-va-bac-tang-nhe-giua-boi-canh-thi-truong-bat-on-3151402.html