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Overview for Gold and Silver

27 May 2022

During the Asian session, the price of gold fell. Yesterday’s notes from the last Fed meeting showed a slightly milder “hawkish” tone, but that did not affect the price of gold, which had previously “reacted” to such Fed winds after a Fed member called for a pause in the lifting rates in September. Despite the weak dollar, the price of gold continues its decline. In contrast, we have a pullback from $ 1855 to $ 1842. For now, our current support is at the $ 1840 level. For the bearish option, we need a break below $ 1840. After that, we ask for support at 1830 dollars, and if she does not support us, we will ask for it at 1820 dollars, then at 1810 dollars.

The May low was at $ 1,786. For the bullish option, we need a refund above $ 1850. In the $ 1860 zone, we come across the MA50 moving average, and we need a break above to continue the bullish scenario. After that, potential bullish targets are $ 1,870, $ 1,880.

Silver analysis

Since the beginning of the Asian session, the price of silver has fallen from $ 22.00 to $ 21.75. as the European session began, the price of silver began to consolidate and recover. We are currently at $ 21.82. for the bullish option, we need a new positive consolidation and return to the zone around $ 22.00. Additional resistance at that level is the upper trend line that may be an obstacle to our further recovery. Breaking prices above this line would boost bullish optimism into a potential continuation to higher levels on the chart.

Potential bullish targets above are $ 22.25 and $ 22.50. We need a price drop below $ 21.75 and below a lower support line for the bearish option. After that, we can expect further price withdrawal. Potential bearish targets are $ 21.70, $ 21.50 and $ 21.25 previous support zone.

Market overview

The FOMC meeting minutes from 3 to 4 May showed that most participants believed that an increase in the rate of 50 basis points would probably be appropriate in June and July. In addition, the deteriorating global economic outlook has affected the U.S. dollar’s status as a global reserve currency, which in turn has undermined demand for dollar-denominated gold.

The shortfall, however, seems to have been mitigated amid a generally weaker tone around the stock market, which tends to favour gold-protected havens. The prospects for a more concrete move by major central banks to curb inflation, fuel fears of a recession and continue to affect investor sentiment.

The recent decline in yields on U.S. Treasury bonds has boosted the counter-risk flow. This could prevent USD bulls from placing aggressive bets and further support gold. Market players are now looking forward to the U.S. economic situation – including the release of GDP for the first quarter, the usual weekly initial demands for the unemployed and the sale of houses on hold.




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