April Gold, Silver Movement could Bring Accuracy For Next Precious Metal Trend
nvesting.com – Based on current technical chart activity, April could be a key month for the medium-term and even long-term trend of gold and silver as both as near important price levels.Both precious metals retraced only to recover in the last two weeks of March to end the month in neutral territory.
Gold in particularly held up when the $1,200 level was tested.Gold is currently trading around the important $1,250 an ounce level where there is strong resistance due to a number of factors. The precious metal is trading around the middle of the bear market channel, while the longest term resistance trendline kicks in above $1,350, which is 8% from current levels.The 38.2% Fibonacci retracement level of the long term bull market is also near at $1,291.
Regarding silver, a move above $20 an ounce will constitute a secular breakout. Overall, the picture for precious metals is hard to read at this point and suggests April will bring clarity.
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