In recent weeks, the international landscape has experienced significant upheaval, characterized by a complex intertwining of geopolitical tensions and various unstable factorsAs a result, global risk aversion has heightened, leading to a renewed interest in traditional safe-haven assets such as goldThe recent market dynamics have reflected this trend dramaticallyJust yesterday, the gold market saw a remarkable transformation, opening with a surge and continuing on an upward trajectory throughout the trading day, ultimately closing with a bullish candlestickThis led to gold prices reaching a peak of $2,700—an astonishing new high not seen in nearly a decade of trading sessions.

From a technical analysis perspective, the MACD (Moving Average Convergence Divergence) histogram has displayed a notable increase, signaling a potential departure from previous lackluster trading patterns toward a new bullish trend

This shift seems to captivate the attention of numerous investors, eager to capitalize on the anticipated momentum.

Interestingly, silver's performance on the market has been even more volatile than that of goldOn the same day, international silver prices surged by 2.73%, peaking at $32.94—the highest level recorded in the last 24 trading daysThe settlement price was $32.45, showing limited downside movement during the session; the robust short-term trend for silver appears to be on the verge of continuationLike gold, silver possesses safe-haven characteristics, but it also has substantial industrial applications that can drive demand.

According to a report from the Organization for Economic Cooperation and Development (OECD), the U.Seconomy is projected to grow by 2.8% in 2024, while the Eurozone is expected to expand by 0.8% in the same periodThe growth projections for 2025 and 2026 are further estimated at 1.3% and 1.5%, respectively

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This optimistic outlook for the macroeconomic environments in Europe and the United States serves to bolster silver demand, thereby presenting a bullish sentiment for international silver prices.

Shifting focus to the data aspect, the latest information from the Commodity Futures Trading Commission (CFTC) indicates noteworthy developments in gold positioning among non-commercial traders during the week ending December 3. The number of long positions in gold reached an impressive 307,611 contracts, while short positions amounted to 47,875 contracts, resulting in a net position of 259,736 contractsThis figure represents an increase of 9,398 contracts compared to the previous tally of 250,338 contracts, suggesting constructive implications for international gold prices.

Similarly, silver's non-commercial positioning shows a healthy pattern of growth—long positions standing at 64,285 contracts and short positions at 21,025 contracts yield a net position of 43,260 contracts, reflecting an increase of 477 contracts from the prior value of 42,786 contracts

The simultaneous uptick in both gold and silver positioning clearly indicates a prevailing market sentiment that remains optimistic about both assetsThis coincides with the rising demand for risk aversion seen across international markets.

Recent reports from the World Gold Council reveal that central banks worldwide have been actively engaged in the gold market, registering a net purchase of 60 tons of gold in November aloneThis figure marks the highest monthly purchase record of the year, underscoring the crucial role that central banks play as primary buyers in the gold market, thus providing stability to gold pricesNotable among these movements, the Central Bank of Turkey increased its gold reserves by 17 tons, while the Polish Central Bank added 8 tonsThese actions reflect how regional issues significantly influence central banks' willingness to bolster their gold holdings, aiming to enhance the stability and risk resistance of their domestic financial systems amid geopolitical uncertainties.

From a technical standpoint, analyzing the price action on a daily chart, the benchmark period from October 30 to November 14 reveals a high point of $2,801 and a low point of $2,541. The calculated band shows a range of approximately $260. The five candles close to November 26 formed a bottoming structure indicating potential price movement towards the upper limit of the benchmark range ($2,605 to $2,801). Although similar bottoming patterns emerged from November 27 onwards, none could decisively determine the market's direction like the significant structure from the date of November 26. Presently, with gold priced at approximately $2,694, it has yet to reach the critical 0.382 Fibonacci retracement level, suggesting that there might still be further upward potential in the short-term horizon.

When examining silver on the daily chart, a comparable trend to gold is observed, albeit with larger fluctuations