Commodities Analysis by Fawad Razaqzada covering: XAU/USD, XAG/USD, US Dollar Index Futures, Gold Futures. Read Fawad Razaqzada's latest article on Investing.com
Gold and silver prices dipped last week as the strong dollar and inflation worries weighed on sentiment.Despite recent weakness, a potential long-term rally remains in the offing for silver, particularly after its breakout from a multi-year consolidation.This week, we will have plenty of US macro highlights to look forward to, which could impact at least the short-term trajectory of precious metals.
Nevertheless, this scenario has yet to materialize so far in 2024, which must be – as it so far has been – a bullish sign.Silver’s rally which was also fuelled by a technical breakout above key resistance in the $25/$26 area, came to a halt in the last week and a bit. Both silver and gold had reached overbought levels, so it was hardly surprising to see the metals retreat somewhat from their recent highs.
On the daily time frame, we have seen silver forming a few interesting-looking candles in the last few trading sessions, including a couple of hammers off support and a 21-day exponential moving average around the $27 area. So, perhaps the metal could launch higher from around the $27 support area, although it is a bit early to tell as prices consolidate inside what looks like a bullish flag pattern.
XAG/USD US Dollar Index Futures Gold Futures
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