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Gold and Silver: Bullish Trend For The Second Day 

  • The price of gold is already in a bullish trend for the second day after confirming support at the $1690 level yesterday.
  • Today’s maximum price of silver is at the $18.65 level.
  • US 10-year Treasury yields extended Wednesday’s retreat from their highest level since June at 3.23%. Which negatively affected the dollar.

Gold chart analysis

The price of gold is already in a bullish trend for the second day after confirming support at the $1690 level yesterday. During the Asian trading session, the price managed to make break above the $1720 level. Now he is trying to continue to the bullish side with a new impulse. We have moving averages on our side, which give us some optimism for price recovery. We need a continuation of the positive consolidation and a jump to the $1730 level. This would allow us to rise above the previous high. Our potential higher target is the $1740 level. We need a negative consolidation and a drop to the $1710 level for a bearish option. Then the moving averages would move to the bearish side, and thus the pressure on the price of gold would increase. Potential lower targets are $1700 and $1690 previous low.

Gold chart analysis

Silver chart analysis

Today’s maximum price of silver is at the $18.65 level, where for now, we are encountering resistance, and the price is retreating below the $18.50 level. In the continuation, the price of silver could go down to the $18.25 level, where I would look for support in the MA50 and MA200 moving averages. More significant support awaits us at the $18.00 level, or $17.75, yesterday’s low. For a bullish option, we need a new positive consolidation and a return above the $18.50 level. After that, we must try again to hold above and create a new bullish impulse. Potential higher targets are $18.75 and $19.00 levels.

Silver chart analysis

Market Overview

US 10-year Treasury yields extended Wednesday’s retreat from their highest level since June at 3.23%. Which negatively affected the dollar. The recent drop in yields could be linked to the market’s rush to bonds ahead of the ECB critical monetary policy meeting and Fed Chair Jerome Powell’s speech. Talk of a possible Japanese intervention to defend the domestic currency through the bond market appears to have weighed on yields.



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