CUR - Near Term Top In Gold And Silver (Technical Analysis)
2024-04-25 11:08:25 ET
Summary
- Precious metals have likely topped out for the near term, with gold potentially seeing a pullback to the $2,100 level.
- Gold and silver are not reacting as expected to geopolitical tensions, indicating potential exhaustion in these markets (negative divergence).
- The breakout in US 10-year yields could put pressure on gold and silver prices, as they have a strong inverse correlation with bond yields.
- The long term trend in precious metals is still up, so I am looking for opportunities to buy in.
I have been a pretty ardent and optimistic bull on precious metals since February, where I wrote in " Gold And Miners At Key Breakout Level (Technical Analysis) " that gold ( XAUUSD:CUR ) ( GLD ) was likely to launch an imminent assault on the $2,100 level....
Near Term Top In Gold And Silver (Technical Analysis)