【MACRO Insight】Gold and silver have become market hotspots, with attention and supply shortages driving the momentum!
On Monday's US session, geopolitical tensions and a weak dollar propelled gold prices, breaking through the $2355 mark, with silver briefly surging by 4%. Analysts at XStreet cautioned that speeches from the Federal Reserve and US first-quarter GDP data will impact gold trading, with the market placing lower bets on Fed rate cuts, potentially exerting selling pressure on gold. Meanwhile, Indian gold imports may decline by nearly one-fifth.
Gold Price Leaps to 6-Year High on Trade War Bid, Silver Battles Resistance
Gold continued to soar, boosted by a strong risk-off move as US-China trade relations continue to deteriorate. Silver playing catch-up and nears recent resistance.
Gold Price Soars to Five-Year High, Silver Smashes Through Resistance
The price of gold soared after Fed Chair Jerome Powell opened the door to a series of US interest rate cuts, starting as early as next month. And silver finally crashed through long-running resistance.
Gold Price Eyes Bullish Consolidation, Silver Price Breaking Bear Sequence
Gold remains at lofty levels and needs a period of consolidation if it is to move higher. Silver's recent uptick is being constrained by the 200-day moving average.
Gold Price Eyeing Support, Silver Price Rebound Fading
Golds short-term rally has hit the buffers and may test 200-day ma support again while silver remains stuck in a downtrend.
Gold Price Sell-Off Continues, Silver Price Hits a Six-Month Low
Gold continues to fall and is now around $30 lower from last Tuesdays recent high, while Silver hit lows last seen in December last year.
Gold Price Looks Oversold, Silver Price Perched on Support
Gold in now trading in extreme oversold territory, according to one indicator, and may see a short-term pullback going into the long weekend.