Precious Metals pressured on technical selling

Fundamental Q News and Triggers

Gold is seeing downward pressure as markets reevaluate their expectations of the Federal Reserve’s willingness to lower interest rates.

The fact that the price of crude oil has fallen to a 3.5-month low and that the yellow metal’s near-term technical stance has gotten worse this week has put the sellers in charge and prompted some chart-based selling by speculators. Due to alleged bargain hunting, silver prices are stable.

The end of next week marks another deadline for the U.S. government to shut down, which would help prices. By the deadline of November 17th, the Republican-controlled U.S.House of Representatives had failed to agree on a plan to continue funding government agencies.

Technical Triggers

As suggested yesterday, if gold prices break 60200, and can touch 59700, the prices are in the same course in the short term. The long-term view is still bullish, buy on dips.

As suggested yesterday, if Silver prices break 70900, and can touch 70000, the prices are in the same course in the short term. The long-term view is still bullish, buy on dips.

Support and Resistance





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