Gold and silver gain on US–Iran tensions as BTC retests key chart resistance.
Summary
- Gold trades near $5k per ounce, up roughly 0.5–0.6% in 24 hours, pressing into horizontal resistance and flirting with a potential breakout toward all‑time highs.
- Silver changes hands around the upper‑$70s, adding about 0.3% on the day after breaking a triangle pattern, with bulls watching whether current levels flip from resistance to support.
- BTC trades close to $67.9k, up about 1% in 24 hours within a bear‑pennant structure, with weekly charts highlighting the need to hold key horizontal support as Stochastic RSI sits at historically low readings.
Gold and silver prices advanced Friday amid heightened geopolitical tensions between the United States and Iran, with analysts monitoring whether Bitcoin will follow traditional safe-haven assets higher.
Gold prices rose above recent trading levels, breaking a short-term trend and approaching a nearby horizontal resistance level, according to technical analysis. The precious metal would require a modest daily gain to breach this resistance point, which analysts described as achievable based on recent price movements. A successful breakout could position gold for a potential rally toward its all-time high.
Silver broke out of a triangle pattern Friday morning, trading up strongly during early session hours. The metal faces horizontal resistance at current price levels, requiring additional buying pressure to sustain the rally. Technical analysts noted that if silver confirms the current level as support, only one additional resistance level remains before the metal could test its previous peak. Analysts cautioned that such a move could form a double top pattern.
Bitcoin traded higher Friday, approaching the lower boundary of a bear pennant pattern from which it recently declined. The cryptocurrency faces immediate technical challenges, as the current price action may represent a confirmation of the breakdown from the pennant pattern, according to market observers. Major horizontal resistance sits just above current levels.
Weekly chart analysis indicates the importance of Bitcoin closing above a key horizontal support level. The chart shows a significant downward wick that was met with strong buying, followed by a weekly candle that dipped slightly below support with another substantial wick. Technical indicators including the Stochastic RSI are positioned at low levels across multiple timeframes, suggesting the potential formation of a price bottom, analysts said.
Bitcoin (BTC) traded at approximately $67,000 at the time of publication, while gold has been targeting the $5,000 level in analyst projections. Options expiry this week has positioned some traders around nearby strike prices, according to market data.
The correlation between traditional safe-haven assets and cryptocurrencies remains a subject of debate among market participants, particularly during periods of geopolitical uncertainty.
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