简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Following silver's significant drop on Monday, both precious metals have managed to stabilize the ship, suggesting that the move at the start of the week was most likely a bear trap.
Following silver's significant drop on Monday, both precious metals have managed to stabilize the ship, suggesting that the move at the start of the week was most likely a bear trap.
The US dollar has recovered against the Canadian dollar as a result of the Bank of Canada's 25-basis-point rate boost, with its governor stating that interest rates would remain unchanged as the bank examined the effect of the cumulative interest rate hikes.
However, currencies such as the pound, euro, and yen continue to be supported versus the US dollar. This is assisting in the support of buck-denominated metals.
Investors are becoming more convinced that more central banks will pause interest rate increases in the near future, as more evidence emerges that global inflation is moderating - while the picture remains hazy and there have been some surprises here and there (and Down Under overnight).
So, gold is still supported by the belief that rate rises are on their way out, but considering the spectacular gains over the last two and a half months, some would argue that most of the good news has already been priced in.
However, the trend remains positive and fading the dips will continue to be the dominating approach until we witness a big reversal pattern in the gold or silver charts.
Gold has found support around $1920, a level that had previously functioned as resistance. As long as the pattern of higher lows and higher highs is not broken, the path of least resistance continues to the upside, and a run toward $2,000 cannot be ruled out.
The most current low price is $1896. In the near run, this will be the dividing line.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
INFINOX celebrates 15 years of success as a global leader in CFD and Forex trading, expanding its reach and empowering traders through innovative multi-asset platforms.
ATFX upgrades MT4/MT5 servers at Equinix Hong Kong and London, boosting low-latency trading, enhancing global network performance, and optimizing infrastructure.
ICE Futures U.S. recently announced the settlement of charges against StoneX Financial Inc. related to potential violations of the Exchange Rule, which prohibits trade practices such as wash sales and prearranged trades. These charges were connected to an incident that occurred on April 27, 2023, where an employee of StoneX allegedly placed opposing buy and sell orders in the Cocoa Futures spread market.
The Labuan Financial Services Authority (LFSA) has introduced new restrictions on locally regulated forex and contracts for differences (CFDs) brokers, limiting their offerings to currency-related instruments such as spot FX and CFDs on foreign exchange.