Safe-haven demand is flowing back into precious metals, with Gold and Silver posting notable rebounds at the start of the week. Price action in both metals remains corrective following recent record highs. The resilience reinforces the view that larger uptrends remain intact for new record highs later in Q1.
The trigger for the renewed haven bid was news that the US captured Venezuelan President Nicolás Maduro over the weekend. Saturday’s operation marked Washington’s most controversial intervention in the region since the invasion of Panama nearly four decades ago. The symbolism of the move have unsettled regional stability assumptions, pushing investors back toward assets perceived as protection against geopolitical shocks.
Technically, Gold’s recent pullback from 4549.90 was slightly deeper than expected, nearly reaching 50% retracement of 3,997.73 to 4,549.90 at 4,273.81. Still, price has remained well supported above 55 D EMA (now at 4,172.34), keeping the long-term uptrend intact.
Once the current consolidation phase completes, the longer-term bullish trend is expected to reassert itself. Decisive break above 4,549.90 would open the way toward 61.8% projection of 3,267.90 to 4,381.22 from 3,997.73 at 4,685.76. However, bearish divergence on D MACD suggests strong resistance could emerge near that zone, capping upside on the first attempt.
Silver continues to display relative strength versus Gold. Support has been confirmed near 38.2% retracement of 48.60 to 83.94 at 70.44. The price action since remains viewed as a sideways consolidation, expected to remain bounded within the 70–84 range.
On resumption, the next major upside target for Silver sits at 261.8% projection of 36.93 to 54.44 from 48.50 at 94.43. Though, that level may be adjusted depending on the depth and duration of the current consolidation.
