Precious metals are enjoying strong gains today, with US CPI data providing fuel for the move. While US CPI report for April was more or less in-line with market expectations, it was the first CPI report of 2024 that did not show an upside surprise. A strong dovish reaction to the release could be spotted in the markets - USD dropped while equity indices and precious metals advanced. Gold gains 0.8%, palladium jumps 1.9%, silver rallies 2.4% and platinum surges almost 3%.
Silver deserves a special attention as it climbs back above $29 per ounce mark, erasing late-April correction. Precious metal is on the way to book the highest daily close since Q1 2013! Taking a look at SILVER chart at W1 interval, we can see that the precious metal is making a jump above the $28-29 resistance zone today, that has limited upward moves since mid-2020. Should we see a clear break above this hurdle, the next long-term resistance zone can be found in the $35 per ounce area, marked with local highs from 2011-2012.
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Source: xStation5
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