- Gold fails to find support despite lower Treasury yields.
- Next level of consideration appears at $1786, the low of May.
- Silver accelerates the decline and loses more than 2% on Friday.
The Prayed remains under pressure and is falling for the fifth day in a row. Hours ago it fell below $1,800 and is trading at $1789, the lowest level since May 16.
The yellow metal is getting closer to the May low and also to $1780 which is another important support. Losing these levels could lead to an acceleration to the downside. In the opposite direction, a return above $1,805 could relieve very short-term bearish pressure. Fresh from breaking above $1,830, the XAU/USD rally could become more sustainable.
The marked weakness of Prayed takes place despite falling sovereign bond yields. The cautious climate in the markets has led to an increase in demand for safer assets, but not gold. The 10-year Treasury bond yields 2.97% while the German benchmark yields 1.35%, both at lows since June 9.
The strength of dollar together with the decline in raw materials, weigh on the price of gold. The worsening of global growth expectations, in combination with the rate hike by the Federal Reserve will continue to be factors that limit increases.
the pcan loses 2.70% so far on Friday and trades at $19.73, new low in two years. “Silver losses are disproportionately high compared to gold, meaning the gold/silver ratio has risen to almost 90. The last time silver was this cheap compared to gold was about two years ago. In addition to the falling gold price, silver is being further depressed by very weak base metal prices,” Commerzbank analysts explained.
|Last Price Today||1791.7|
|Today’s Daily Change||-15.60|
|Today’s Daily Change %||-0.86|
|Today’s Daily Opening||1807.3|
|20 Daily SMA||1834.99|
|50 Daily SMA||1849.89|
|100 Daily SMA||1891.72|
|200 Daily SMA||1845.12|
|Previous Daily High||1825.19|
|Previous Daily Minimum||1802.79|
|Previous Maximum Weekly||1847.95|
|Previous Weekly Minimum||1816.99|
|Monthly Prior Maximum||1879.26|
|Previous Monthly Minimum||1802.79|
|Daily Fibonacci 38.2%||1811.35|
|Daily Fibonacci 61.8%||1816.63|
|Daily Pivot Point S1||1798.33|
|Daily Pivot Point S2||1789.36|
|Daily Pivot Point S3||1775.93|
|Daily Pivot Point R1||1820.73|
|Daily Pivot Point R2||1834.16|
|Daily Pivot Point R3||1843.13|
Source: Fx Street