Silver Price Forecast: Price Action Firming for Soft, White Metal - Levels for XAG/USD
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Silver Price Outlook:
Silver prices have eased off their April highs, setting up what could be perhaps the first test of nascent bullish momentum.
Even though silver prices have climbed out of the downtrend from the February and March highs, a cluster of Fibonacci retracement has proved resistance during the rally.
Recent changes in sentiment suggest that silver prices have a mixed bias in the near-term.
Silver Prices Back Off as Yields Edge Higher
With inflation data from around the globe in focus over the course of the week, global bond yields have seen a bit of topside gains amid focus on the thematic influence that ‘price pressures are rising.’ Even though this has curated an environment for a weaker US Dollar as well as marginally softer US equities, precious metals, including silver prices, have struggled to continue with their respective April rallies.
MCX Gold June Future gained Rs 562 and was trading on 47170.00 per 10 gram before closing on April 15. MCX Gold June Future was up 1.21 per cent from its previous closing on Wednesday (April 15). Earlier, the yellow metal opened on Rs 46,680.00 and went on hit Rs 47, 279 per 10 gram on the Multi Commodity Exchange (MCX) on Thursday. Meanwhile, gold scaled $1766.05 per ounce after opening for $1763.31 per ounce.Â
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Gold and commodity expert has suggested buy on dips strategy, saying this could be beginning of another round of upside. Â
Domestic gold can touch a level of Rs 48,500 per 10 gm in the short term, while international gold could also be seen reaching $1810 per once in couple of weeks, said Amit Sajeja, Motilal Oswal Vice President, Research, Commodity and Currency.Â
Silver Price Forecast: Rebound Tests Downtrend from Yearly High - Levels for XAG/USD Advertisement
Silver Price Outlook:
Bond yields have steadied, stocks are climbing, and the US Dollar is down – has a window opened for silver prices to rally?
Silver prices appear to be attempting to climb out of the downtrend from the February and March highs, which could give a near-term technical reason to throw doubt on the viability of the double top.
Recent changes in sentiment suggest that silver prices have a bearish bias in the near-term.
Silver Prices Gain as Dollar Falls
Silver prices have had a rough go of things in recent weeks, in a steady downturn since hitting their 2021 high on the first trading day of February (and incidentally, the highest since 2013). In part, asset allocation churn provoked by a rise in long-end global bond yields have eroded the relative appeal of precious metals like silver, which has been hampered by the rebound in US real yields.
Gold Price Today 16-03-2021: The precious yellow metal rate rose Rs 160 per 10 gm at MCX (Multi Commodity Exchange) today morning and hit Rs 44,910. The bullions experts are of the opinion that gold has strong support at $1650 per ounce in the international market and at the same time it is facing stiff resistance at $1720 to $1730 per ounce levels. At MCX they advised that gold price is facing resistance at Rs 45,600 per 10 gm levels. Once, the yellow metal manages to break this level, there can be fresh momentum we can witness in the yellow metal rates.
Speaking on the gold price outlook in the long-term Amit Sajeja, Vice President Research at Motilal Oswal said, In the international market, gold price has strong support at $1,650 per ounce levels. I would advise gold investors to take positional calls when the gold price breaks $1,750 per ounce resistance and sustains above $1,760 per ounce levels. Till then buy on dips is the strategy when gold price falls around $1,660-7
Gold Price Today 12-03-2021: Gold Price MCX (Multi Commodity Exchange) has been losing its shine from September 2020 and in the last week it hit below Rs 44,000 per 10 gm. However, much to the relief of investors, gold has been witnessing some short coverings and has been able to regain some of the lost grounds in recent times. Gold price today at MCX is Rs 79 up at Rs 44,871 per 10 gm. According to bullion experts, gold price has probably bottomed out and advised investors to start accumulating gold till it sustains above $1,650 per ounce in the international market. They also said that there can be sharp recovery in the gold price once it breaks $1,750 per ounce resistance and sustains above $1,760 per ounce levels in the international markets.