Gains in precious metals are supported by slowing US inflation
Although monetary policy tightening can be expected to continue, market sentiment remains positive. Not too long ago, ten-year yields were 4.1%, but today they are only 3.85%. There is significant movement on TNOTE today, resulting in significant gains in the precious metals market. Gold rose 1.3%, while silver rose more than 4%.
More than half of the Head and Shoulders formation on gold was filled testing the $1,960 per ounce level. Gold is testing the highest levels since June 20. Source: xStation5.
Silver is up more than 4% today, up $1 an ounce. It thus overcomes the range of the largest correction in the trend. Additionally, a 50-session moving average was broken. On previous occasions in October 2022 and March this year, such a breakout led to a gain of around $3.50 from the breakout. If a similar pattern occurs, the price could potentially reach as high as $27 per ounce. Source: xStation5.
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2023-07-12 16:58:53
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