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Home»Cryptocurrency Exchange»Professional Analyst Makes Important Predictions for Gold Prices!
Cryptocurrency Exchange

Professional Analyst Makes Important Predictions for Gold Prices!

cryptossorBy cryptossorKasım 10, 2021Yorum yapılmamış3 Mins Read
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 Gold prices rose modestly and reached a two-month high in mid-day trading on Tuesday. Yellow metal bulls are touting a US inflation report that isn’t quelling concerns about rising prices. December gold was last trading at $1,831.70, up $3.80, while December Comex silver was down $0.257 at $24.29 an ounce.

Gold prices and US data

On Tuesday’s US data point, the October producer price index report rose 0.6%, in line with market expectations. On an annual basis, October PPI increased by 8.6%. September report 0%. It showed an increase of 5. While in line with forecasts, today’s US PPI report certainly does not alleviate concerns about rising inflationary pressures. The gold market erased modest early losses after the report and pushed to slightly higher price levels throughout the day. Cryptocoin. com

As reports, metals traders now seem to be focusing less on the upsides of rising inflation and the Federal Reserve’s monetary policy, at least for now.

Global stock markets mixed in overnight transactions. U.S. stock indexes are lower midday as stock market bulls appear a little more concerned about inflation. Still, there is little overall risk aversion in the global market at the moment. Recent positive news on the Covid-19 front – falling infection rates in the US and new, powerful drugs to combat the virus – have contributed to optimistic market attitudes. On the other hand, Bitcoin prices soared to a record high near $68,000. Major foreign markets see the US dollar index slightly weaker today. USDX hit a yearly high last week. Nymex crude prices are higher, trading around $82.65 a barrel. Meanwhile, the 10-year U.S. Treasury bond yield currently yields 1,431.

Technical view

Technically, December gold futures prices hit a two-month high today. The bulls have the overall short-term technical advantage amid a five-week uptrend on the daily bar chart. The bulls’ next upside price target is to produce a close above solid resistance at the July high of $1,839.00. The bears’ next short-term bearish price target is pushing futures prices below solid technical support at the November low of $1,758.50. Initial resistance is seen at the September high at $1,836.90 followed by $1,839.00. Initial support is seen at $1,821.00, today’s low, followed by this week’s low at $1,813.80.

December silver futures bulls and bears are generally in the short-term technical playing field. The silver bulls’ next upside price target is to close prices above solid technical resistance at $25.00 an ounce. The next downside price target for the bears is to close prices below the solid support at $23.00. Initial resistance is seen at this week’s high at $24.59, followed by September’s high at $24,945. The next support is seen at today’s low at $24.09 followed by $24.00.

Dollar Level Price Prices US
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