Gold recovers losses on the day, silver looks to seal a break above $50

The buying has been unrelenting since September and after a “setback” yesterday, precious metals are once again finding dip buyers in trading today. Gold is now up 0.1% to $3,978 after having fallen to a low of $3,947 earlier in the day. The near-term chart still presents some challenge for dip buyers as seen here. But for silver, we’re seeing price jump up by more than 3% as we look for clearance above $50.

Both precious metals are poised to make it eight straight weeks of gains and for silver, that will be the hottest streak since 2020. A weekly break above $50 will send a strong technical message in breaking the potential double top formation near $50 as set out from the 2011 high. Going beyond which, the sky’s the limit.

This article was written by Justin Low at investinglive.com.