Gold and Silver Prices Flatline on November 21
The live gold and silver spot prices have settled at $4,035.30 for XAU (gold) and $548.91 for XAG (silver), respectively, with no significant price movement observed since the last update.
| Metal | Price (USD) | Change | % Change | Day High | Day Low |
|---|---|---|---|---|---|
| Gold (XAU) | 4035.30 | 0.00 | 0.00% | 4075.65 | 3994.95 |
| Silver (XAG) | 548.91 | 0.00 | 0.00% | 554.40 | 543.42 |
Gold Technical and Macro Analysis
The lack of price movement for gold can be attributed to the balance between bullish and bearish forces in the market. On the technical front, the XAU is trading within a narrow range, with support at $3,994.95 and resistance at $4,075.65.
The 50-day moving average ($4,047.45) provides an additional layer of support, while the 200-day moving average ($3,955.81) remains below, indicating a slightly bearish trend. However, the Relative Strength Index (RSI) has converged towards neutral levels, suggesting a potential breakout.
From a macroeconomic perspective, inflation expectations have been rising in recent weeks, with the Consumer Price Index (CPI) increasing by 0.4% month-over-month in October. This upward pressure on prices has led to higher yields, with the 10-year Treasury note reaching 3.45%. The Federal Reserve's hawkish stance is expected to continue, driving up borrowing costs and pressuring gold.
Despite these headwinds, gold's safe-haven appeal remains intact, especially given the ongoing global economic uncertainty. Nevertheless, the absence of a clear catalyst for price appreciation means that the short-term trading bias for XAU is Hold.
Key support levels:
- $3,994.95 (day low)
- $4,047.45 (50-day moving average)
Resistance level:
- $4,075.65 (day high)
Silver Technical and Macro Analysis
Similar to gold, silver has also been stagnant in recent trading sessions, with its price hovering around $548.91.
On the technical front, the XAG is trading within a tight range, with support at $543.42 and resistance at $554.40. The 50-day moving average ($546.92) provides a cushion for silver, while the 200-day moving average ($529.19) remains below, indicating a slightly bearish trend.
From a macroeconomic perspective, silver's prices are closely tied to those of gold, but its industrial demand and jewelry sales also play a significant role in price discovery. However, with global economic growth concerns persisting, investors may continue to favor safe-haven assets like gold over silver.
Given the lack of momentum and the absence of a clear catalyst for price appreciation, the short-term trading bias for XAG is Hold.
Key support levels:
- $543.42 (day low)
- $546.92 (50-day moving average)
Resistance level:
- $554.40 (day high)
Actionable Insights and Risk Management Reminders
Investors should remain cautious in the short term, as both gold and silver prices are range-bound and lack a clear direction.
For gold, watch for a breakout above $4,075.65 or a breakdown below $3,994.95 to determine the next trend.
Silver's price is closely tied to gold's movements; if XAU breaks out, XAG may follow suit.
Risk management:
- Set stop-loss orders around key support levels.
- Maintain an adequate position size to absorb potential losses.
- Continuously monitor market developments and adjust trading strategies accordingly.
By Malik Abualzait
No comments:
Post a Comment