Gold tested historic highs after ECB cut the interest rate from 4.25% to 3.65%. Analysts also expect that Fed will start the new rate cut cycle next week, which is bullish for gold and other precious metals.
If gold settles above the $2550 level, it will head towards the $2600 level. RSI remains in the moderate territory, so there is plenty of room to gain momentum.
Silver
Silver 120924 Daily Chart
Silver rallied as gold/silver ratio pulled back towards the 85.50 level.
A move above the $30.00 level will open the way to the test of the resistance at $31.45 – $31.75.
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.