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Gold and Silver are trying to stabilize after selloff

ByVictoria

Although gold and silver saw disappointing price action on Friday, experiencing their worst daily loss since mid-December, some analysts note that the damage to the broad rallies has been limited.

The gold market started the week holding initial support around $2,880 an ounce. Spot gold last traded at $2,896.50 an ounce, up 0.50% on the day. Silver is also finding solid support, as it has bounced off its overnight lows just below $32 an ounce. Spot silver last traded at $32.20 an ounce, up 0.20% on the day.

Alex Kuptsikevich, Chief Market Analyst at FxPro, said in a note that gold’s price action has become a little more complicated following Friday’s selloff, as buyers have become more cautious.

Source – KITCO News

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    In case gold settles below the $2830 level, it will head towards the nearest support, which is located in the $2780 – $2790 range.

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    Silver made an attempt to settle back below the $32.00 level but lost momentum and rebounded towards the $32.20 level.

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    If platinum settles above the $1015 level, it will move towards the resistance at $1025 – $1030.

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