Gold and silver slip again today
XAGUSD, H1
GOLD (XAUUSD) prices remain well under last week’s $1,274.16 highs, (some 74 cents short of T2) after sellers took control following the solid U.S. jobs report on Friday, and the subsequent dollar rally. Gold currently trades at $1,256.50. Silver (XAGUSD) was subject to SHORT positions today on the H1, H4 and Daily time frames. Entry was opened at $16.32 with H1 target at $16.18, H4 at $16.05 and the Daily down at $15.92. Respective stop loss positions are $16.32, $16.45 and $16.91. The H1 position hit target earlier as it moved down to a day low of $16.12 before recovering to $16.20.
The market will look ahead to U.S. CPI data due later in the week, which could shift timing expectations for the Fed’s next rate hike. In the meantime, prospects for Fed balance sheet unwinding, which could come as soon as September, may limit gold and silver prices upside going forward.
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With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, c
