Senior Analyst Shared His Predictions for Gold and Silver!

Gold and silver prices are trading unchanged in the US midday markets on Monday. Rising government bond yields and the appreciation of the US dollar in the foreign exchange market have been bearish factors for safe-haven metals. However, the fact that Nymex crude today hit a seven-year high of $82.18 a barrel is a bullish factor for metals markets. cryptocoin.com We are leaning towards the details.

Gold price predictions

Traders are likely expecting a new fundamental spark from this week’s US data, which includes Wednesday and Thursday inflation data. December gold futures were last trading at $1,757.00, down $0.40. December’s Comex silver was last down $0.01 to trade at $22,695. Global stock markets were mixed in overnight trading. US stock indices rose modestly at noon. The US government is closed on Monday for the Columbus Day holiday, including US Treasury markets. This ensures quieter operations in the US today. Traders and investors worldwide are still a little hesitant to start the trading week. Supply chain bottlenecks and rising energy prices raise concerns about slowing global economic growth. Goldman Sachs lowered its US economic growth forecasts for this year and next year over the weekend. Some European countries are concerned about not having enough energy to heat in the winter. Those concerns came after a dull US jobs report released Friday morning. The 10-year U.S. Treasury bond yield currently brings in 1.612%. Bond yields are rising, which has fueled fears of rising inflation and even stagflation, a combination of rising prices and slowing economic growth.

Technically, December gold bears generally have the short-term technical advantage. The four-week price downtrend was rejected on the daily bar chart. The bulls’ next upside price target is to produce a close above solid resistance at $1,800.00. The bears’ next short-term bearish price target is pushing futures prices below solid technical support at the September low of $1,721.10. Initial resistance is seen at $1,771.50, followed by last week’s high at $1,782.40. Initial support is seen at today’s low at $1,749.90 followed by last week’s low at $1,745.40.

appearance in silver

December silver futures bears give the firm an overall short-term technical advantage. However, the four-week downtrend was rejected on the daily bar chart. Silver bulls’ next upside price target is to close prices above solid technical resistance at $24.00 an ounce. The next downside price target for the bears is to close prices below the September low of $21.41 and solid support. Initial resistance is seen at $23.00 followed by last week’s high at $23.22. The next support is seen at last week’s low at $22.185 followed by $22.00.

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