Gold: Suspicious storm of $2200
March 27, 2024 @ 12:48 +03:00
Gold breached the $2200 mark for the second time in history on Tuesday before retreating to $2182 in early US trading. Cryptocurrencies are trading in the same direction as gold today, but silver, platinum and copper are failing to make similar gains, causing some unease.
![](https://fxpro.news/wp-content/uploads/2024/03/golddaily_240326.png)
Gold’s break above $2195 tested the rally high from late February to 8th March. A fix above this level would be the first step towards a new rally, making the scenario of growth to $2300 viable.
Strictly speaking, there is a higher price on the charts, but it is the result of slippage in low liquidity trading, so it is not considered a full-fledged breakout.
Silver is losing ground daily for the fourth consecutive session, falling to $24.4. Platinum is trading near $900 – near local lows after a 5% pullback from its 15th March high. Copper has been trending lower since early last week.
![](https://fxpro.news/wp-content/uploads/2024/03/silverdaily_240326.png)
Gold is the most liquid metal in the exchange, but its divergence from other metals is setting it up for a false breakout on Tuesday.
This is evidenced by the persistent sideways movement in gold miners over the past three weeks despite gold’s impressive rally.
Technically, gold needs to consolidate above $2200 to start a new bullish momentum. In the event of further declines, we should keep an eye on the dynamics around $2150: a failure of this support could trigger a deeper correction with the first target at $2130.
The FxPro Analyst Team