Gold Back Up at $2,160, Silver Price Struggling Above $25

NEW YORK (March 18) XAU continues to show resilience with the price of Gold moving back up to $2,160, while the Silver price is sticking just above $25, but XAG remains supported nonetheless. So, it seems like buyers want to make a comeback and enter the Gold and Silver market, but traders are weary of the central bank meetings later this week.

Gold Chart H4 – MAs Are Now Acting As Resistance

Gold made an attempt to surpass the $2,200 mark earlier this month but was unsuccessful, leading to XAU/USD posting lower highs, marking the first such drop in a month. However, a support zone has been established above $2,150, where multiple purchases of XAU have occurred.

This decline follows gold’s fall from last week’s record high of $2,195.22 set last Friday. Although the support was breached briefly, with XAU falling to $2,145, it quickly reversed, experiencing a $25 increase.

Silver Chart H1 – The 20 SMA Holding the Price Above $25

Other metals such as copper and silver have also shown strength in recent weeks. Silver has surged by 14% since the beginning of the month, reaching its highest level of the year at $25.46. However, bullish investors may be waiting for the $26 level to be breached to validate a broader upward trend in precious metals. Right now the Price of Silver is in retreat mode, falling to $25. But, the 50 SMA (yellow) which was standing right there provided support, keeping the bullish trend intact.

FXLeaders