After reaching a historical record of value in euros, the yellow precious metal began to decline. There is a high probability of consolidation in the gold and silver market.
Can the recent price rally be considered complete? Or is it a short-term pause in the precious metals market? Today, one ounce of gold was worth $ 1,550 (1,397 euros) on the spot market. The cost of silver amounted to 17.90 dollars per ounce (16.15 euros). The decline in the price of gold and silver began to occur after the publication of news about the weakening of the conflict between the US and Iran.
From a technical point of view, since December 2019, the price of gold in euros is still in an uptrend. The resistance level may be the price of 1400 euros. High probability of a decrease in gold in the European currency to the level of 1380 euros. This will be the level of support. Many factors indicate that there may be a pause in the gold and silver market, especially if geopolitical support factors calm down. If investors begin to take profits en masse, then the gold market may consolidate.