Silver has more chance to increase in the long-term.
Gold and silver, both eased on Wednesday as market risk is decreasing and hopes on diplomacy over Ukraine tensions getting increasing. On the other hand, many other analysts predict another run even to new records for precious metals in case of failing talks.
Today and so far, gold fell almost 2% to under $2,000 per ounce, and silver eased 4% from its daily high all way down to 25.67, before regaining some of the loss above $26. It can be the beginning of a short-term downtrend for both if tomorrow's peace talk in Turkey goes well, and if not, it could be just a correction. At the same time, US stock markets were green in the first hours of the trading season in North America, for the same reason, but it would not be a long-term movement until Mr. Putin decides to end this invasion.
For now, predicting what will happen is unreal, but we can say technically we are still in a clear uptrend. Pivot point sits at 2,000 US dollars for Gold, with the first resistance at $2,015. Next resistance levels sit at $2,028 and $2,044 respectively, as you can see in the bellow figure. For Gold, the downtrend cannot confirm itself, unless we can see prices under $1,975.
Silver also has the same fundamental and technical situation for now, with different numbers. Technical, short-term support sits at $25.65, while long-term support is set at $24.60. For now, technical indicators remain bullish with $27 in the spotlight. Silver bulls in the long term have more chance, as returning the improvement to the economic recovery, can increase the silver demand and price as well.
