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Gold and Silver slip again today

Market Analysis

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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Stuart Cowell

Senior Market Analyst

HotForex

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