At 6:40 p.m. ET (ie 5:40 a.m. Vietnam time), December gold futures fell by $17.3 a.m., or 0.48%. Overtime trading continued to cause prices to fall by another 4.2 USD, bringing the precious metal to 3,598.40 USD/ounce.
Despite a slight decrease, gold prices still showed superior strength in a broader time frame. Since the beginning of the week, prices have increased by 2.34% and recorded an impressive increase of 36.24% since the beginning of the year, reflecting strong demand for traditional shelter assets.
Technically, Thursday's adjustment is approaching but has not broken the important support level, showing optimism is still dominant.
The lowest level in the session was only 1 USD compared to the Fibonacci 23.6% retracement mark at 3,572.40 USD - calculated from the recent increase. The rapid increase in prices from this threshold affirms that buying power still maintains control.
The silver market also runs hand in hand with gold, surpassing the $42/ounce mark for the first time on the day - a high not seen since 2011. This is considered an important psychological and technical milestone for buyers, concluding a long period of time below this resistance zone.
In the adjustment session of the precious metal, silver only decreased slightly, currently at 41.27 USD/ounce and still maintained support right above the Fibonacci retracement threshold of 23.6% at 41.03 USD. This further strengthens the technical strength of the precious metals market.
The consensus between gold and silver in maintaining the important support level, even when profit-taking pressure appears, shows that the current increase still has room to continue.
Although short-term fluctuations are inevitable when investors realize profits, the basic price increase structure in the precious metal group is still solid.
