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Gold and Silver: Decrease of 0.40%

Gold and Silver: Decrease of 0.40% since the start of trading last night

The price of gold seems to be on its way to the $1700 level.
The price of silver continues its sideways movement in the $19.00-$19.50 range.
The gold price sees a negative start to the week this Monday, as the US dollar again rose to new two-decade highs.

Gold chart analysis

The price of gold seems to be on its way to the $1700 level. During the Asian trading session, the price is retreating from $1745. We are now already at $1734, which represents a decrease of 0.40% since the start of trading last night. We are very close to the $1730 support zone and will try to break below again to continue the bearish trend. Potential lower targets are $1720, $1710 and $1700 support levels. For a bullish option, we need a new positive consolidation and a return above the $1740 level. After that, the price of gold needs to climb up to the $1750 resistance zone and break above it to continue the recovery.

Silver chart analysis

The price of silver continues its sideways movement in the $19.00-$19.50 range. During the Asian trading session, they were below the midpoint of $19.25. It could be said that the price of silver will retest the support at the $19.00 level. For a bearish option, we need a drop below $19.00; after that, we can expect a continuation of the bearish trend. Potential lower targets are $18.75 and $18.50 levels. For a bullish option, we need a new positive consolidation, and a return above $19.25 left first. Then we can expect growth to the upper resistance zone at $19.50. A break above would increase optimism that we can see further price recovery towards the $20.00 level.

Market overview

The gold price sees a negative start to the week this Monday, as the US dollar again rose to new two-decade highs. Risk flows dominate, with new blockades in Shanghai and fears of a recession fueling the dollar’s safe-haven appeal.

Investors will be watching US inflation data this week. Will release consumer price index data for June on Wednesday. Markets expect annual CPI to rise to 8.7% from 8.6% in May. Core CPI, which excludes volatile food and energy prices and is forecast to fall to 5.9% from 6%. There is scope for additional dollar strength should inflation data beat analysts’ estimates. On the other hand, the soft inflation report should trigger a downward correction in the dollar and allow the price of gold to recover.

The post Gold and Silver: Decrease of 0.40% appeared first on FinanceBrokerage.

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