Gold has seen a substantial retracement of 5.18% post the US presidential election, due to the sharp reversal of the dollar. On 11th Nov, the psychologically important level at 1250.00 was broken. Yellen’s testimony, yesterday, has further lifted market expectations on a rate hike. The dollar index hit a record high of 101.435. The strengthening of the dollar has further weighed on gold prices. Yet Gold spot is nearing the mid-term significant support level at 1200.00, which is providing a strong support. The bearish momentum is likely to wane at this level. The daily Stochastic Oscillator is below 20, suggesting a rebound. The resistance level is at 1210, followed by 1215 and 1220. The support line is at 1207, followed by 1205 and 1200. The New York Fed president Dudley, and the Kansas Fed president George, will make a speech at 14:30 GMT today. Also keep an eye on the US CB Leading indicator, to be released at 15:00 GMT. It will likely influence the strength of the dollar and the trend of gold prices. Silver has seen a substantial retracement of 9.78% post the US presidential election, due to the sharp reversal of the dollar. On 11th Nov, the psychologically important levels at 18.00 and 17.00 were both broken. Yellen’s testimony yesterday has further weighed on silver prices. Yet Silver spot is nearing the long-term significant support level at 16.00, which is providing a strong support. The bearish momentum is likely to wane at this level. The daily Stochastic Oscillator is below 20, suggesting a rebound. The resistance level is at 17.00, followed by 17.40 and 17.80. The support line is at 16.50, followed by 16.30 and 16.00. Keep an eye on the speeches by the New York Fed president Dudley, and the Kansas Fed president George, at 14:30 GMT, also the US CB Leading indicator, at 15:00 GMT. It will likely influence the trend of silver prices. Source: FX Pro Market Snapshot
Gold has seen a substantial retracement of 5.18% post the US presidential election, due to the sharp reversal of the dollar. On 11th Nov, the psychologically important level at 1250.00 was broken. Yellen’s testimony, yesterday, has further lifted market expectations on a rate hike. The dollar index hit a record high of 101.435. The strengthening of the dollar has further weighed on gold prices. Yet Gold spot is nearing the mid-term significant support level at 1200.00, which is providing a strong support. The bearish momentum is likely to wane at this level. The daily Stochastic Oscillator is below 20, suggesting a rebound. The resistance level is at 1210, followed by 1215 and 1220. The support line is at 1207, followed by 1205 and 1200. The New York Fed president Dudley, and the Kansas Fed president George, will make a speech at 14:30 GMT today. Also keep an eye on the US CB Leading indicator, to be released at 15:00 GMT. It will likely influence the strength of the dollar and the trend of gold prices. Silver has seen a substantial retracement of 9.78% post the US presidential election, due to the sharp reversal of the dollar. On 11th Nov, the psychologically important levels at 18.00 and 17.00 were both broken. Yellen’s testimony yesterday has further weighed on silver prices. Yet Silver spot is nearing the long-term significant support level at 16.00, which is providing a strong support. The bearish momentum is likely to wane at this level. The daily Stochastic Oscillator is below 20, suggesting a rebound. The resistance level is at 17.00, followed by 17.40 and 17.80. The support line is at 16.50, followed by 16.30 and 16.00. Keep an eye on the speeches by the New York Fed president Dudley, and the Kansas Fed president George, at 14:30 GMT, also the US CB Leading indicator, at 15:00 GMT. It will likely influence the trend of silver prices.
Source: FX Pro Market Snapshot
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