Gold spot: The bias remains bullish
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Pivot (invalidation): 1765.50
Our preference Long positions above 1765.50 with targets at 1776.00 & 1779.00 in extension.
Alternative scenario Below 1765.50 look for further downside with 1
The 3 labeled zones resemble the primary focuses for this setup. The current price has pull-backed downwards, which has also confirmed the Daily Bearish OB. The H4 Support level will retrace the price back to the Sunday (day of posting) price, reminiscing the past market str
COPPER, SILVER, COVID-19, RISK AVERSION – TALKING POINTS:
Market participants shrug off coronavirus second-wave concerns, as risk-sensitive assets continue to climb higher
Talk of $1 trillion infrastructure package fuels growth-sensitive copper as it surges to pre-crisis levels
The rally in silver
Prior to the #Covid-19 market sell-off was one of the lest volatile assets in the commodities market. 17-18 March, the Federal Reserve pumped extra stimulus into the economy & markets rallied from Equity stocks to commodities . Silver out-performed Gold during the rall
Silver's pullback from the recent high of $18.38 has taken the shape of a bull flag.
A flag breakout is needed to restore the bullish trend from lows seen in May.
Silver looks to have charted a bull flag pattern on the daily chart.
A bull flag is a brief pause (pullback) that occurs following a n
Silver prices stretch the early-week pullback from $18.39.
61.8% Fibonacci retracement, the channel support might question further downside.
A descending trend line from September 2019 becomes the key upside barrier.
While printing three-day losing streak from the highest levels since late-February
Silver prices take the bids near 13-week top.
Sustained trading above 200-day SMA keeps the buyer hopeful amid bullish MACD.
Overbought RSI also questions the optimists below a nine-month-old resistance line.
Silver nears the highest since February 27 while taking the bids around $18.08, intraday h
Gold futures are down nearly 1.5% on Tuesday as major global economies further eased coronavirus-led restrictions fueling hopes of economy recovery and bolstering risk appetite. Traders also said the earlier openings could lessen the effects of the widely expected global recession.
U.S. gold futures rose 0.3% to $1,726.50.
Palladium gained 1.2% to $2,037.40 per ounce, and was looking to post its best week since end-March. Platinum fell 0.6% to $827.62 and silver slid 1.5% to $16.81. #XAG/USD##XAU/USD#
Silver wakes up at the end of the trading week and challenges the 15.40 resistance.
Support can emerge near $15.00 per troy ounce.
Silver four-hour chart
XAG/USD is printing fresh May highs as the week comes to an end. The white metal is also trading above the main SMAs suggesting bullish momentum