However, both metals remain supported by still-overall-bullish technical charts, a generally depreciating U.S. Treasury yields and weaker crude oil prices. March silver was last down $0.997 at $24.875.ĭaily bearish elements for the gold and silver markets to start the trading week are solid gains in the U.S. By this I mean that gold and silver prices have probably peaked for at least a few weeks, it not a while longer, but after that new highs are probable-likely sometime in 2024. Importantly, today's price action in gold and silver suggests the bulls are now near-term exhausted and that near-term (but not longer-term) market tops are in place.
The two precious metals markets are seeing the shorter-term futures traders taking profits after the recent solid gains.
trading Monday, after gold overnight spiked to a new record high of $2,152.30, basis February Comex futures. ( Kitco News) - Gold and silver prices sharply lower in midday U.S.
