Gold (XAUUSD), Silver (XAGUSD), DXY & WTI Oil technical update | Top News w. Darius Anucauskas

1 month ago

Gold

Gold:

- Market View: Gold continues to rally after hitting $4,000. Analysts are increasing targets to $5,000, although reaching that level this year is doubtful.

- Technical Outlook: Fibonacci extension suggests a potential target around $4,310. The market looks extended to the upside, and a correction is needed.

- Trading Note: A correction back to $3,000 or even $2,700-$2,800 would be an interesting buying opportunity.

 

Silver:

- Market View: Silver sharply corrected after reaching an all-time high around $53.57-$53.58.

- Technical Outlook: The move mirrors previous hyperbolic moves in 2011 and 1979. Based on past patterns, further upside may be possible, potentially reaching $60.

- Key Drivers: Strong demand for silver due to its use as a conductor in booming technology sector.

- Trading Note: Correction may be temporary before another possible leg of buying. The market needs to be cautious if the DXY rallies.

 

Oil:

- Market View: Oil remains bearish.

- Technical Outlook: Targeting the $55 mark.

- Key Drivers: OPEC+ is not expected to reduce production increases, coupled with a slowdown in Chinese demand.

 

Market Wrap-Up:

- Key Theme: The dollar index (DXY) might recover to the 100 level, potentially stalling gold and silver. If the DXY finds resistance and reverses, gold and silver could push higher.

 

Risk Disclaimer:

This analysis is provided for informational purposes only and does not constitute investment advice. Trading carries risk.