Silver and Gold Technical Analysis: In the Face of Increasing Volatility, Key Support Holds
Strong technical support around $4,400, continued uncertainty over Fed policy, and the strength of the USD could support a bullish rebound. Old fell to $4,680 as growing margin requirements, equity market stress, and reducing geopolitical tensions put pressure on prices. The price of gold (XAU) fell to roughly $4,680 in early Asian trading on Friday. In response to stock market losses, traders covered positions. The Michigan Consumer Sentiment Index, which could affect predictions for inflation and interest rates, is currently awaited by the market. It became more expensive for traders to hold positions in Gold and Silver (XAG) futures when the CME Group raised the margin requirements. Some participants were obliged to sell as a result of that adjustment. Short-term metal weakness was exacerbated by the decline in tech stocks, which also compelled dealers to sell gold in order to satisfy collateral requirements. Gold's attraction as a safe haven has decreased, however, as there ar...
