Silver prices, Gold Price Chart, XAU/USD, XAG/USD discussion POINTS
- Silver prices retirement can, as the XAG/USD USD USD USD feels-the-pressure-at-key-technical cross-section
- The price of gold at the risk of short-term decline that it may be difficult or appreciation shows signs of fragility
- The call of the silver and gold as an anti-fiat hedge, always present, after the Fed comments?
Silver Price Outlook
Silver prices have increased a little more than 32%, after bottoming at a multi-year low, although the precious metal’s ascent may soon be facing short-term pullback. XAG/USD is approaching a key inflection range between 16.177, and 16.541. As the area between it and the and a narrow, surrender of certificate, or a push forward, could reveal the underlying and bearish or bullish.
XAG/USD Daily Chart
The XAG/USD chart-created using TradingView
If the XAG/USD was not able to clean this area, a break below the uptrend could precede a larger decline, and lead to a possible retest of the September downtrend and that the precious metal only recently recovered. Conversely, a higher turn would open the door to flirt with the bottom layer of the key and of the inadequacy of the range between 17.440-and-18.110. That said, the path of least resistance suggests a bearish tilt.
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Gold Price Forecast
A bit like the silver, the gold, the prices have also managed to breastfeed their losses after having accumulated a double-digital decline in the wake of the sale at the risk-oriented assets again in March. This also helped to illustrate that the gold was badly wrong as a port of active links, for if it had, users have seen the precious metal rise.
In the middle of the sale, the appeal of gold as an anti-fiat hedge declined since the interest rates seems to have hit the lowest point, policy makers have been willing to let them go. See my previous piece, describing the Fed’s comments on the use of negative interest rates here.
XAU/USD Daily Chart
The XAU/USD chart-created using TradingView
Therefore, its usefulness as an anti-fiat hedge, evaporated and its relative lack of liquidity compared to the The US Dollar it is less attractive to hold in uncertain times, and has led to the increase of the winding-up of the pressure. Parenthesis from that, the price of gold managed to reach a little over 17% compared to December 2019 at the latest-down, and was helped by a steep, upward slope of the support channel.
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However, the recent price action suggests the precious metal may be losing momentum as it trades within the range of the slope of appreciation. If it cracks under the weight of increased selling pressure, XAU/USD could face some disadvantage that the friction between the 1671.81 and 1671.84 before you put down. If this area succumbs to the force, or the sellers, to the next floor to clear, may be to 1641.20.
— Written by It ZabelinA Currency Analyst to DailyFX.com
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