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.
Weekly Technical Gold Price Forecast: Losing Key Uptrend Support Advertisement
Weekly Technical Gold Price Forecast: Neutral
Gold prices continue to struggle, even as the US Dollar falls back. Risk appetite is surging, reducing demand for the safe haven.
China’s Spring Festival Golden Week is under way, meaning that global financial markets may see less trading activity coming out of Asia in the coming days.
The IG Client Sentiment Indexsuggests that gold prices in USD-terms (XAU/USD) have a mixed bias.
Gold Prices Week in Review
Gold prices rebounded last week, but only if you squint. Both gold in NZD-terms (XAU/NZD, +0.14%) and gold in USD-terms (XAU/USD, +0.56%) rallied, but every other major currency denomination of gold prices fell back. In a sense, the gains seen by either XAU/NZD or XAU/USD proved inconsequential, insofar as key technical breakdowns that preceded this past week’s price action have not been nullified. Gold in EUR-terms (XAU/EUR, -
Gold Price Forecast: Key Test as Price Rebounds to Former Support - Levels for XAU/USD Advertisement
Gold Price Outlook:
Gold prices have rallied sharply in recent days, but they’re not in the clear just yet.
Gold prices are struggling to climb back above their daily 5-, 8-, 13-, and 21-EMA envelope, which remains in bearish sequential order.
According to the IG Client Sentiment Index, gold prices have a mixed bias.
Gold Prices Bounce, but is it Believable?
Gold prices lost key technical support last week, but bulls aren’t ready to throw in the towel just yet. With US President Joe Biden’s $1.9 trillion fiscal stimulus plan moving closer to fruition, precious metals have been bid higher as the entrenched regime of low interest rates and climbing deficits and debts doesn’t appear to be going anywhere. But even as gold prices have rallied sharply in the past few days, bullion is not in the clear just yet. Testing the backside of former support (now re