Silver price (XAG/USD) remains firmer around $19.30 while paring the post-Fed losses during early Thursday in Europe. In doing so, the bright metal rebounds from the 50-DMA to stay inside a three-week-old rising wedge bearish chart pattern.
- Gold prices have staged an impressive intraday rally post-US CPI, but ultimately remain within the downtrend from the March and August highs.
- Unlike the US Dollar (via the DXY Index) or US equity markets, gold prices haven’t been able to reverse their post-US CPI move entirely.
- Gold prices retain a bearish bias in the near-term
Spot silver is holding up quite well compared to gold and other markets for that matter, as the dollar has been a big problem for most assets. The short-term silver chart shows a nice consolidation pattern after a big move higher. It is starting to come out of that pattern with 20 as the next big level to cross. A breakdown below 19.04 will likely have silver following suit with other markets to the downside. For the full set of details watch the above video.
MCX Lead Weely Report: Above 172 Target 180—188 SL Paid
Copper price is scaling gradually higher after concluding its correction to near $3.4020. The base metal is aiming to capture the crucial resistance of $3.50 as escalating production cuts have soared supply worries. On a broader note, the asset has rebounded firmly after refreshing the monthly low near $3.3600. The rebound still lacks clarity, therefore, the odds of a resumption in the downside journey will remain intact.
GOLD TECHNICAL FORECAST – BEARISH
Spot gold is testing crucial technical support, a break below which could point to further weakness in coming months. It is attempting to break below key horizontal trendline support at 1,676, coinciding with the 200-week moving average. Although it closed below the support on Thursday, given the significance of the support and the number of times it has been tested since 2021, it might be prudent to wait for two weekly closes below the support before concluding Thursday’s move as a valid break.
NOW GOLD LONG VIEW
GOLD BIG SUPPORT 1650 1645
IF GOLD COMEX 1650 AND 1645 BELOW CLOSE THAN COMING DAY TARGET 1622 1577 1555 ++++++++
BUY NATURALGAS (SEP) 719—718 TARGET 732——745 SL PAID | MCX Money – (M) – 7303188003
Crude oil prices edged up early on Tuesday, extending gains from the previous session as investors worried about tight supply ahead of the winter heating season in the Northern Hemisphere.