Silver Price Forecast: Rising Towards Ascending Triangle Resistance - Levels for XAG/USD
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Silver prices have slowly but surely rallying throughout May.
Ongoing erosion in US real yields has increased precious metals’ appeal amid a weak US Dollar environment.
Recent changes in sentimentsuggest that silver prices have a mixed bias in the near-term.
Yields Down, Silver Up
The inflation narrative is changing, but the changes may be good for precious metals. As gold prices have rallied sharply in recent days, silver prices have been enjoying a slower but steady march higher throughout the month of May as well. Although May has typically been a rather bearish month for the precious metals complex, silver’s resiliency has been defined by a revitalized fundamental backdrop: US real yields are eroding alongside the US Dollar.
Gold Price Forecast: Bull Flag Breakout in Progress - Levels for XAU/USD
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Gold Price Outlook:
Gold prices have held above multi-month bull flag resistance, increasing confidence that a march back to all-time highs has begun.
Weakness in US Treasury yields and the US Dollar (via the DXY Index) are helping give gold prices a fundamental boost on Monday.
According to the IG Client Sentiment Index, gold prices have a mixed bias in the near-term.
Holding onto Gains
Gold prices have continued their advance at the start of the new week gaining just over +0.1% as both US Treasury yields and the US Dollar (via the DXY Index) have softened. Markets continue to keep a close eye on the cryptocurrency world after another wave of intense selling over the weekend was met by a fresh round of dip buyers. Given gold’s success during the cryptocurrency selloff, there’s a strong case to be made that further weakness in crypto markets could help cater to higher gold prices in the
Weekly Technical Euro Forecast: Upside Potential Persists
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Technical Forecast for the Euro: Neutral
The Euro appears to be consolidating after recent upside moves; there is plenty of room in futures positioning for speculators to drive prices higher.
Net-long Euro positioning is back to its highest level since the last week of March.
Euro Rates Week in Review
The Euro has a mostly positive turn through the middle of May, even if the headline stats don’t appear so. Even though four EUR-crosses gained and three EUR-crosses fell, the bias was towards the upside: the average loss was -0.10%, while the average gain was +0.81%. If anything, it appears that the Euro is consolidating after a strong run higher against the safe havens, while volatility in global equity markets is giving traders a reason to take their foot off the pedal when it comes to the commodity currencies.
Copper Price Forecast: Bullish Breakout Pacing Towards Yearly High dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.