On November 14, gold and silver experienced a moderate pullback after recent strong rallies, primarily due to profit-taking by short-term traders—a normal consolidation within a robust uptrend. Silver hit a record high overnight, while gold retreated after touching a three-week peak, though the overall trend remains solid. Mhmarkets noted that the technical structure for both metals remains strong this week, with bulls dominating and technical buying continuing to support prices. Currently, December gold dipped slightly to around $4,207.70, while December silver adjusted to approximately $53.02, with limited overall retracement.
Silver has gained nearly 12% this week, driven by tightening supply expectations. Rising physical demand from India's wedding season, coupled with market focus on potential U.S. tariff policies, has elevated risk premiums in the silver market. Beyond demand, industrial and strategic factors also bolster prices. Mhmarkets highlighted that the U.S. Department of the Interior recently classified silver, copper, and metallurgical coal as critical minerals, reinforcing their strategic importance in economic and supply chain security. This has heightened expectations of a tight supply-demand balance, providing stronger mid-term price support.
Meanwhile, the U.S. government ended a 43-day shutdown, with administrative functions gradually resuming. Although full recovery may take time, overall market risk appetite remains intact. Externally, Mhmarkets observed that the U.S. dollar index continues to weaken, while crude oil climbed steadily to around $59 per barrel, and the 10-year Treasury yield held at approximately 4.07%. These factors collectively create a stable macro environment for precious metals.
Technically, gold bulls' next key target remains the all-time high of $4,398.00, with a decisive breakout needed to extend gains. Bears, however, would need to pressure the $4,000.00 support level to shift the structure. Immediate resistance is seen at $4,250.00, followed by $4,300.00, with supports at $4,183.20 and $4,104.40. For silver, bulls retain clear dominance, targeting the critical $5,500 resistance. Pullbacks may find support near $5,255 and $5,200. Mhmarkets noted that high technical scores indicate sustained bullish momentum without signs of weakening.
In summary, Mhmarkets emphasized that despite short-term pullbacks, the bullish drivers for gold and silver—strong physical demand, tightening supply expectations, a weaker dollar, and solid technical structures—remain intact. Market sentiment favors seeking opportunities during dips, with the uptrend likely to extend post-consolidation.