Gold and are going down for the day in a row. This is because people are selling these metals, which is putting a lot of pressure on the market. Gold and silver started the day with prices and things just got worse as the day went on.
The prices of gold and silver have been going down a lot over the few days. have fallen by around $263 per ounce and silver prices have fallen by around $8.30. This is a drop. Gold has fallen by more than 6% and silver has fallen by more than 11%.
In US rates, have gone down from $4402 to $4139 per ounce and have gone down from $71.65 to $63.355 per ounce. A few days ago people were feeling good about gold and silver because of a temporary peace agreement between the US and Iran. Then the Federal Reserve met and things changed.
The main reason gold and silver prices are falling is because the Federal Reserve is being very careful. Even though they did not change interest rates they said that borrowing money might be more expensive for a time. This made the US dollar stronger. Made people less interested in gold and silver. Even though gold and silver prices have fallen a lot I think the market is now at a point where people who have been selling might start buying.
This could make gold and silver prices go up. After three days of drops people who have been selling might start taking their profits, which could help gold and silver prices recover.
Intraday Strategy Gold and Silver Futures
Buy gold when it is between $4135 and $4140 per ounce.
If you buy gold you might be able to sell it for $4190 $4220 or $4240 per ounce.
Do not forget to set a stop loss, which’s like a safety net.
Buy silver when it is between $63.200 and $63.400 per ounce.
If you buy silver you might be able to sell it for $65.000 $65.500 or $66.000
Do not forget to set a stop loss.
Conclusions
-
After gold and silver prices have fallen for three days they might start going up.
-
This could happen if people who have been selling start buying again which is called covering. If this happens gold and silver prices could go up a lot in the few hours.
-
People should still be careful and watch what is happening with the US dollar and the market.