Daily Market Thought...from NirvanaFinancials

Daily Market Thoughts 30-Oct-2023 Golden Opportunity in Gold Long Fundamental Punchline - The yellow metal remains the world's number one safe asset. It is, therefore, a no brainer that in times of uncertainty and global instability as we have now with the political instability created by the Isreal-Palestine crisis, investors will continue to scoop up gold as the conflict intensifies. Technical Bias - Gold has been on a clear rally for the past three weeks and currently shows no signs of easing up yet. It found resistance around the 2010 round figure, this likely a temporary pause. I will be looking towards the 1987 - 1980 range for potential buy confirmation opportunities. #OPINIONLEADER#

Edited 30 Oct 2023, 15:56

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Gold Longs Loading... Fundamental Punchline - Gold saw some strength last week as weaker-than-expected U.S. nonfarm payrolls data, coupled with less hawkish signals from the Fed. This spurred deep declines in the dollar and Treasury yields. However, the yellow metal opened the week with a slump from the Asian session into the London session as any relief over a potential pause in the Federal Reserve’s rate hikes was largely offset by traders selling the yellow metal in favor of more risk-driven assets. Gold remains ultimately bullish, especially driven by geopolitical tensions in the middle east. Further escalation in the Isreal-Palestain crisis will lead to further bullish push for the safe heaven asset. Technical bias - The charts point to the strong bullish strength of Gold still intact. I will be looking to go long on proper bullish price action confirmation at a key support. #OPINIONLEADER#

NirvanaFinancials

Silver to the Moon! Fundamental Punchline - Just like Gold, silver is also considered a safe haven asset. It, therefore makes sense why silver has been on a massive rally in the past three weeks as the instability in the middle east rages on. The bias remains clearly bullish and so I am looking to go long. Technical Bias - I'll be looking for price action confirmation for buys around 23.000. #OPINIONLEADER##GOLDTODAY# #silversurge# #Silver#

NirvanaFinancials