Gold, Silver, US DOLLAR – Who is the fairest of them all?
Have the bears taken the yellow metal? It was observed to have fallen below $1,900. This would be the biggest drop since late April 2013. This is most likely attributed to a rise of over 6 basis points to 0.66% in the US 10-year yield. This is the highest since July 13. Selling pressure is commonly seen in Gold when yields increase.
It is currently hovering at $1,880 and rising trend line support is at $1,860. The 14 day RSI has breached its rising trend line representing bull run from lows near $1,450 near March. The indicator is now hovering below 50 (bearish territory). Given these figures, gold looks like it might test the rising trend line support at $1,860.
Silver is also seen following a similar pattern – it’s been moving under $23.50
On the other hand, the Greenback is capitalizing on all it’s positive sentiments and was seen moving higher while testing some technical target in major currency pair.
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