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Gold is trading around $3,020, showing signs of bullish recovery after bouncing from the 200 EMA near $2,992. The metal has reclaimed the key pivot at $2,998 and is now testing the 23.6% Fibonacci retracement at $2,998, with the next resistance at $3,024. Immediate support lies at $2,998, followed by the recent low near $2,956.
The 50 EMA is trending downward at $3,045, acting as the next key resistance to overcome. A clean break above $3,046 would open the door to $3,067 and potentially $3,106.
RSI remains neutral, suggesting room for upward movement. Until $3,046 is breached, price action may stay choppy—but bulls appear to be slowly regaining control.
Silver (XAG/USD) Price Forecast: Technical Outlook
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