Gold and Silver prices are trading higher despite the Stronger U.S. dollar index and U.S equity market-it's time to celebrate for the precious metals bulls? yes but this celebration won't last too long-Today numbers of U.S economic data has been released with the gold and silver prices had little to no impact because of these releases.we also witnessed plunge in the British pound and rise in European bond yield as two cabinet members in U.K resign on Thursday including U.K. prime minister Theresa may Brexit secretary but prime minister has already clarified that she is going to stick with the Brexit plan as according to her it will help the country grow in numerous ways.we also witnessed the steep slide in oil 0.80% prices where Nymex crude oil 0.80% futures prices hit an 11-month low, overall at this point of time the U.S dollar index is very strong compared to other currencies. The U.S economy is much stronger than other economies and it aids more upward movement for the greenback which is ultimately bearish for the precious metal sector-
Please Note-The most important thing which you'll need to keep your eye on is the new development on the U.S-China Trade war as report suggests that U.S. President Trump and Chinese Premiere Xi will meet face-to-face on the matter in the G20 meetArgentinargentina-Any ease off in the trade war due to communication would shot up the price of precious metals temporarily
Technicals-we believes buyers should be very cautious at this point as we believe 1200 level will be easily broken and there is not much support until 1180. Gold 0.17% 0.69% likely will not be able to support around its psychological level if the U.S Dollar keeps rising and there are numerous factors which are suggesting the future dollar strenth-The declined started in Asia-pacific trade after it went below the 100 days moving average at last week
overall it seems that our long-term position in gold 0.17% 0.69% and silver 0.49% 0.57% will be highly profitable in coming weeks-we are very bearish for the precious metal sector and we think the downfall has just been started. stay intact in our long-term positions as we do believe profits are likely to much higher soon)
Please Note-The most important thing which you'll need to keep your eye on is the new development on the U.S-China Trade war as report suggests that U.S. President Trump and Chinese Premiere Xi will meet face-to-face on the matter in the G20 meetArgentinargentina-Any ease off in the trade war due to communication would shot up the price of precious metals temporarily
Technicals-we believes buyers should be very cautious at this point as we believe 1200 level will be easily broken and there is not much support until 1180. Gold 0.17% 0.69% likely will not be able to support around its psychological level if the U.S Dollar keeps rising and there are numerous factors which are suggesting the future dollar strenth-The declined started in Asia-pacific trade after it went below the 100 days moving average at last week
overall it seems that our long-term position in gold 0.17% 0.69% and silver 0.49% 0.57% will be highly profitable in coming weeks-we are very bearish for the precious metal sector and we think the downfall has just been started. stay intact in our long-term positions as we do believe profits are likely to much higher soon)