Silver rose again in Friday trading in the US, hitting a new record high, reaching a two-month high today.
December gold contracts rose $28.50 to $2,643.10, while December silver contracts rose $0.322 to $31.745.
The precious metals market is seeing strong reserve demand, as well as buying driven by technical analysis this week. Rising geopolitical tensions in the Middle East remain high and fuel demand for gold and silver as safe havens in times of uncertainty. Demand for safe havens such as gold and silver is likely to increase if conflict in the Middle East escalates.
An interesting development in the markets after the US Federal Reserve cut interest rates by 0.5% on Wednesday, is that yields rose despite the decline in interest rates. Barron’s said the main reason for this is that the large rate cut, amid a not-so-weak US economy, has led traders and investors to now believe that Treasury bonds should yield fairly US finances to be higher. This is due to the belief that a strong US economy could revive inflationary pressures.
Technically gold
Technically, December gold bulls have a strong advantage in the short term. Their next target is to close prices above strong resistance at $2,750.00.
In contrast, the objective of the bears is to push prices below the strong support at $2,500.00. The first resistance is seen at $2,650.00, then at $2,675.00. First support is seen at $2,625.00, then at today’s low of $2,608.70. Wyckoff market rate: 9.5.
Technically money
As for December silver futures, silver bulls have a strong long-term technical advantage. Their next objective is to close prices above strong technical resistance at the July high of $32.46.
The next target for the bears is to close prices below the strong support at $29.00. The first resistance is seen at $32.00, then at $32.46. The first support is seen at $31.00, then at $30.50.
2024-09-21 09:28:38
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