Gold and silver continue to move higher as flight-to-safety flows and lower US Treasury yields provide fertile ground for the precious metals
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.Gold and silver are pushing higher, fueled by a growing feeling that US interest rates have peaked and haven flows as the Middle East crisis intensifies.
The path of least resistance for gold is higher although a short-term period of consolidation, perhaps sparked by this week’s US data releases, cannot be ruled out. Gold is neutral – neither oversold or overbought using the CCI indicator – and is seen testing the $1,885/oz. to $1,893/oz. area. On either side of this resistance zone lie the 20- and 50-day simple moving averages, and both of these will need to be broken convincingly if the precious metal is to move back toward $1,932/oz.
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