Gold maintains bullish momentum despite short-term bearish zone.

Hedge funds are abandoning their bearish bets on gold and silver, leading to new bullish momentum in the market. Gold prices are testing resistance around $2,000 an ounce, while silver has broken a long-term downtrend and is holding above $24 an ounce. Bullish speculative positioning in both metals is still below historical norms, leaving room for further upside as more investors enter the market. Central banks' continued buying of gold is creating a solid floor in the marketplace, while the ongoing banking crisis is driving safe-haven demand for precious metals higher.