Market evening summary

Spot gold extended gains during the Asian session, setting a new intraday record high at $3,719.98/oz and dipping to a low of $3,685.59/oz. It is currently trading around $3,716.00/oz. Silver also remained strong, making a new phase high.

Key drivers

- Bullish sentiment: Markets expect continued Fed easing, pushing precious metals to fresh highs.

- Strong safe-haven demand: Ongoing trade and geopolitical uncertainty is driving flows into safe assets.

- Technical strength: Prices have consecutively broken key resistances and remain bullish across timeframes.

Evening trading guidelines

Gold (XAU/USD)

- Range: $3,705.00 – $3,720.00

- Strategy: Consider selling at the top and buying at the bottom of the range; use light position sizing.

- Breakout rules:

- If price falls below $3,705.00, look for support at $3,695.00 and $3,685.00; consider short positions with stop-loss at $3,710.00.

- If price breaks above $3,720.00, targets are $3,730.00 and $3,740.00; consider long positions with stop-loss at $3,715.00.

Silver (XAG/USD)

- Range: $43.420 – $43.770

- Strategy: Sell at the top and buy at the bottom of the range.

- Breakout rules:

- If price falls below $43.420, downside targets are $42.800 and $42.400; consider short positions with stop-loss at $43.620.

- If price breaks above $43.770, upside targets are $44.200 and $44.600; consider long positions with stop-loss at $43.570.

Risk warning: Trading markets carry unpredictable risks, including the loss of principal. This analysis is for reference only and does not constitute direct investment advice. Investors should make independent decisions based on their own risk tolerance.