Daily Gold Market Report

Posted on April 3, 2024 by Jake Farlow

Silver on the Verge:
Technical and Supply Dynamics Set Stage for Price Breakout

(USAGOLD – 4/3/2024) Gold prices hit another all time high last night of $2288.33 but has since faded this morning. Demand for safe haven assets has surged as an earthquake strikes Taiwan and geopolitical tensions in the Middle East escalate this week. Gold is trading at $2275.44, down $5.23. Silver is trading at $26.53, up 39 cents. Silver is nearing a breakout based on technical analysis. Investing Haven highlights a bullish pattern on silver’s price chart, with a significant rise in 2020 followed by a period of consolidation. For a breakout to be confirmed, silver needs to sustain a price above $26.20 USD/oz for 5 to 8 days. The analysis also points to a potential breakout on both daily and weekly charts, with a key confirmation point at $26 USD/oz. April could mark a significant movement in the silver market, potentially reaching a target of $34.70 if it surpasses $28.

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