The gold market rose nearly 25% in 2020, the best performance in a decade. Entering 2021, many market participants expect gold to continue to rise.
Similarly, Silver's performance in this year is also very eye-catching.
Matt Maley, a strategist at Miller Tabak, said that although there is some resistance to gold and silver in the future, both gold and silver prices are likely to hit new highs in the new year.
"both gold and silver look very good, but both need to rise a little to confirm the return of the upward trend."
After gold and silver hit highs last summer, they began to fall, and silver prices once fell below the trend line.
"it was really worrying at that time. I thought there was a big problem in the silver market. But after that, the silver price did not continue to decline, but maintained a low level, forming a double-bottom form, which is bullish. "
Maley pointed out that silver prices fluctuated higher at the end of the year, showing a very bullish state.
Silver is currently above the trend line, but needs to move higher to confirm that it has reversed the downtrend. But this is very close and has a lot of upside potential. "
For gold, Maley pointed out that it is still in a slightly downward trend.
"the gold price test channel above the $1900 / oz level, after breaking this level, then it will be bullish."
Maley said gold prices above would have to break through the $1950 / oz region to confirm a return to the upward trend.
Delano Saporu, chief executive of New Street Advisors Group, said he was bullish on gold and silver in the long term, but maintained in the short term.
"there has been some decline in gold prices, and the reason behind this may be that some investors have left the precious metals market and entered the digital money market, which has risen sharply in recent months."
Just over the weekend, the price of Bitcoin hit a record high of more than $33000 at one point.
Saporu believes that this trend is likely to continue.
"some money has entered the digital money market, and this trend will continue."
