Gold went down a bit today, trading near $3,378 per ounce, down about 0.08%. This small price decline came from traders cashing in some profits after the recent event.
Also, many investors held back from big moves, choosing to wait for upcoming U.S. economic data and hints from the Federal Reserve. Overall, the mood was that of which required one to be cautious while trading— there’s an expectation the Fed might slow or even pause interest rate hikes soon. Even with this slight pullback, gold remains well supported. This is due to ongoing worries about inflation and global tensions.
Silver was mostly flat, hanging around $37.85 per ounce. It didn’t move much, but the metal stays firm because of steady demand from industries like solar power and electronics.
Supply has been tight for several years now, and that shortage keeps prices supported even on quiet days.Technically, silver is eyeing resistance levels around $37.92 and $38.06 — if it breaks through these resistance levels, we could see some upward momentum. Scalpers, Swing traders and even Day traders are actively watching support levels near $37.60 and $37.44 to see if prices might dip, on the other side.
