#Gold (#XAUUSD) & #SILVER Weekly Forecast (25-29 March 2024)

Gold remains bullish , Silver fluctuates

Gold

Gold markets initially shot higher during the course of the week, especially in reaction to the Federal Reserve announcement. That being said, the market then gave back a lot of the gain to show signs of hesitation and ended up forming a bit of a shooting star. This shooting star of course is a scenario that could bring in more pulling back and therefore a move back down toward the $2075 level. That being said, I think that’s a “hard floor“ in the market. In general, I think this remains a “buy on the dips” type of market at this point.

Silver

Silver has gone back and forth during the course of the week, reaching higher, falling just shy of the crucial $26 level, and then turned around to fall toward the $24.50 level. This is an area that should continue to offer support, but if we were to break down below there, I think silver could drop down to the $23.50 level. The 50-Week EMA sits just below there, and I think we’ve got massive support in that area. If we were to break above the $26 level, that would be extraordinarily bullish. At this point, it looks like we will probably consolidate with more of a positive attitude that anything else.

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