Gold holding $2300 and Silver holding $29 support level

Fundamental News and Triggers

  • Gold and Silver prices are still holding the $2300 and $29 support levels respectively after the FED meeting.
  • On Wednesday, the Federal Reserve issued an unexpected hawkish forecast. The FOMC members reduced their forecasts for rate reduction in the United States to one from three in March.
  • The Fed revised its estimates for US inflation in 2024 and 2025 to 2.6% (2.4% in March) and 2.3% (2.2% in March), respectively.


Technical Triggers

  • Gold has formed a Head and Shoulder pattern on Daily charts in the last two months with a record high touched above $2450. Neckline support of this H&S formation is $2300. If prices break this level and sustain below it, the next target could be $2150.
  • Silver has formed Double Top formation around $32.5 on daily charts time frame. As prices have closed below the important support of $29.5, the Double top formation target is $28.50 and $26.50.


Support and Resistance



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