Gold
Gold prices fell to five-week lows as the dollar continued to advance amid a sharp uptick
in Treasury yields.The United States 10-Year rose to four-year highs sparking a move higher in the
dollar, pressuring gold to five-week lows after news that the Senate agreed a budget deal.
Majority Leader Mitch McConnell said on Wednesday that Senate leaders reached a major budget
agreement that would increase spending caps.
Technical outlook :
Gold daily chart has formed “Falling wedge” pattern. The last few sessions been successfully bearish in trend. The market is expected
to continue in the same trend, testing all the way through $1310-1300(29730-29480) levels in the upcoming sessions.
Alternatively, if the market breaks above the resistance level at $1325(30105) then buyers might take control over the same.
The upside rally could test $1330-1340(30230-30480) levels. Support holds at $1300(29480).
Technical Chart:
Technical outlook :
Silver daily chart has
formed "Broadening top” pattern. The last few sessions seems strongly
bearish in
trend as the prices have broken the pattern’s support slope line itself. The market is expected to
continue on the same trend with a small correction over positive momentum, testing all the
way through 37500-37000 levels in the upcoming sessions. Alternatively, if the market breaks above
the key resistance level at 38600 then it might turn bullish. Support holds at 37000.
trend as the prices have broken the pattern’s support slope line itself. The market is expected to
continue on the same trend with a small correction over positive momentum, testing all the
way through 37500-37000 levels in the upcoming sessions. Alternatively, if the market breaks above
the key resistance level at 38600 then it might turn bullish. Support holds at 37000.
Technical
Chart:
