Home Market Gold and Silver: Solid Bullish Impulse

Gold and Silver: Solid Bullish Impulse

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  • The price of gold came out of yesterday’s consolidation, and today, we see a bullish impulse.
  • The price of silver in a solid bullish impulse from the beginning of the trading day last night.
  • Upcoming data on US core PCE inflation at 14:30 will, as usual, be carefully examined and could provoke an unstable market reaction.

Gold chart analysis

The price of gold came out of yesterday’s consolidation, and today, we see a bullish impulse. At the beginning of the trading day, from 1850 dollars, the price climbed to 1860 dollars. The current consolidation is in the zone of around $ 1860, and it could easily happen to see a break above. Potentially our following bullish targets are $ 1870 and $ 1880. We need a new negative consolidation and a price withdrawal towards the $ 1,850 support zone for the bearish option. A break below could lower us first to a $ 1,840 price tag. Should the pressure on the price of gold increase and there be a break below, our potential following bearish targets are $ 1830, $ 1820 and $ 1810 levels.

Gold chart analysis

Silver chart analysis

The price of silver in a solid bullish impulse from the beginning of the trading day last night. The starting position was around $ 22.00, and now we have climbed to $ 22.40. A weak dollar and indications that its value may fall even lower help gold and silver to rise to higher positions at the end of the week. Our next bullish target is $ 22.50, and if the price continues to rise, we could see it at $ 22.75. We need a drop below $ 21.80 and a lower support line for the bearish option. Only then can we expect the price of silver to weaken.

Market overview

Upcoming data on US core PCE inflation at 14:30 will, as usual, be carefully examined and could provoke an unstable market reaction. Analysts increasingly believe that inflation in the United States may have now peaked and could calm down for the rest of the year, allowing the Fed to pause interest rate hikes when it returns to around $ 2.5. Therefore, the forthcoming data will be viewed in the context of whether they support or reject this narrative.

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