Credit: Flickr / Mark Herpel / CC-BY 2.0

Based on current technical chart activity, April is set to be the key month for the medium-term and long-term trend of precious metals, gold and silver. Both the precious metals are reportedly nearing important price levels.

It was also reported that both gold and silver retraced, and it was in the last two weeks of March; they recovered to end in neutral territory.

When it came to being tested on the $1,200 level, gold held up. The precious metal is currently trading somewhere around the important $1,250 an ounce level. This is where the metal may find strong resistance based on several factors.

The longest term resistance trendline is around $1,350 that is 8% from current levels, and gold is trading around the middle of the bear market channel. Meanwhile, the Fibonacci retracement level of the long term bull market (at 38.2%) is also around $1,291.

The white precious metal, silver, would constitute a secular breakout, moving above $20 an ounce.

Though the picture for precious metals is hard to plot, it is the activity in April which is expected to bring in more clarity.