#PredictionMarketDebate $ZKP $ZTC $STAR

Gold and silver prices moved lower, with silver’s chart setup unsettling bullish traders. Around midday in U.S. trading on January 7, both metals declined mainly as short-term futures traders locked in profits. With prices sitting near record highs, strong technical resistance has made gold and silver bulls cautious midweek. February gold futures were priced at 4467.2, down 28.9, while March silver futures stood at 78.22, down 2.819.
Technically, February gold futures need a close above the record resistance at 4584 to signal further upside. Bears are aiming to drive prices below solid support at 4200. Initial resistance appears at yesterday’s high of 4512.4, followed by 4550. Support is seen first at today’s low of 4432.9, then at 4400.
In the silver market, today’s movement has raised the risk of a bearish double-top reversal forming on the daily chart for March futures. Bulls are targeting a close above the record resistance at 82.67, while bears are looking for a break below strong support at 69.225, last week’s low. Resistance levels are at 79 and then 80, while support is at 75.7 followed by 75.
It is also worth noting that gold prices are determined through two main markets: the spot market for immediate delivery and the futures market for later delivery. Because of year-end position changes and liquidity conditions, the most actively traded gold futures contract on the CME is currently the December contract.