GOLD AND SILVER TECHNICAL ANALYSIS: CORRECTION CONTINUES AS DOLLAR REBOUNDS FROM SUPPORT
GOLD AND SILVER TECHNICAL ANALYSIS: CORRECTION CONTINUES AS DOLLAR REBOUNDS FROM SUPPORT
The recent pullback in gold and silver prices has been influenced by a stronger U.S. dollar and easing global trade tensions.
Gold prices fell to a two-week low on Thursday, dropping 1.6% to $3,235.55 per ounce, while U.S. gold futures declined by 2.3% to $3,243.30.
Gold reached a record high of $3,500.05 per ounce on April 22 but has since corrected lower.
The U.S. dollar index rebounded from strong support levels, making gold more expensive for foreign buyers.
Statements about potential trade agreements with India, South Korea, and Japan helped ease trade war concerns, reducing gold's appeal as a safe-haven asset.
Investors are anticipating the upcoming U.S. non-farm payrolls report for further insights into the Federal Reserve's potential interest rate policy.
Silver prices also saw losses, with silver down 1.5%, reflecting similar pressures as gold.
