Gold slowly generates bullish momentum; silver consolidates

Key points:

• Gold finds support around $ 1,484 / oz. and seems ready to move upward.
• Silver needs further consolidation after the Recent abrupt movements.

GOLD PREPARES A NEW PUSH

The recent massive gold sale, caused in part by the FOMC rate cut this week, is slowly recovering as short-term support remains firm. The fundamental backdrop for gold remains positive with the demand for safe haven fueled by the ongoing war of words between the United States and Iran on the attacks of the Saudi oil refinery. Both parties have detained his rhetoric in the last 24 hours, but the situation remains volatile.

Gold pressed levels of Support around $ 1,484 earlier this week before returning above $ 1,500. The support remains firm and further bullish consolidation here could see this week's maximum around $ 1,512 be seen Pressureado once more in the coming days. The CCI indicator has left the oversold territory and suggests that buyers may be beginning to regain control.

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Daily chart XAU / USD:

The data of customer positioning show that 70.0% of traders retailers they hold long positions in gold, a bearish counter indicator. See how daily and weekly changes in positioning change the feeling of the operator.

SILVER CAN BATTLE TO RECOVER ITS POINT

The recent bullfight of the silver there may be ended short term. Silver has found reasonable support in $ 17.52 and this level should be maintained if the silver recedes a little more. The CCI indicator has just Get out of the oversold zone and a consolidation period is needed for the silver to move higher. If the support fails, then the silver can retest a minimum group between $ 16.80 and $ 17.00.

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XAG / USD daily chart:

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Written by Nick cawley – Market Analyst