Precious metals are gaining at the end of the week 📈
Gold and silver are the best-performing assets at the end of the week. Both precious metals are either breaking through or trading close to key technical resistance levels. Gold has gained over 1.00% to a new historic high of $2,720 per ounce. Meanwhile, silver is up 2.60%, trading above $32.50 per ounce, just below its historic high of around $33.
These gains are occurring despite the strengthening dollar in recent weeks. The main demand-side catalysts continue to be geopolitical tensions and uncertainty related to the upcoming U.S. presidential elections. Moreover, long-term analyst forecasts remain positive, suggesting even higher levels than the current ones.
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Open account Try demo Download mobile app Download mobile appGold is extending its dynamic upward trend, which has pushed the metal to new, historic highs. A notable support point continues to be the 50-day EMA, which has historically maintained the overall upward trend.
Source: xStation
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