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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