Technical Analysis on Gold & Silver
Gold Price Bounce Back Towards at Level $1910 by Growing COVID-19 Cases
The XAU/USD price bounce off to the daily lows at the level of $1902 that fights to the bulls back to control the amide sell-off in the US treasury yields that triggered the coronavirus to the risk aversion.
The Benchmark US is the US 10 year drops below to the level at 0.80% that trading at 11.40% on the daily basis. Immediate opposition anticipates at the Oct 27 high of $1911.46, above which the bulls will prepare for a trial of the 50-DMA at $1919. To the drawback, 21-DMA uphold at $1903 is the level to beat for the bears. The following pad is adjusted at 100-DMA of the level $1887.
Silver Price Shows the Bearish Line to Channel Breakdown In Asia
The XAG/USD is currently trading at the level of $24.34 per ounce. It will see the path on the least resistance for the metal to the downside according to the daily chart. The price of the pair was fell down at the level by 1.43% on Monday that will be confirming the downside break that connecting the channel downside.
The breakdown is as yet substantial and shows the auction from the Sept. 1 highs close of $28.90 has continued. The quick help is seen at the level of $23.38 (100-day straightforward moving normal).
Then again, a nearby over the Oct. 12 high at the level $25.565 would discredit lower highs arrangement on the every day graph and confirm a bearish-to-bullish pattern change.