Despite this rugwind, a modest recovery in US shares and a slightly stronger US dollar have limited extra profits in gold. Technical indicators suggest that the metal can be overbough in the short term, which can be careful for traders. However, analysts note that every dip in gold prices can offer a buying option, as long as the economic uncertainty and the policy of the Dovish Fed continue to exist.
Silver reinforces the demand for safe haven
Silver (XAG/USD) holds at $ 32.25, after an intraday highlight of $ 32.42. The metal has benefited from the falling American treasury yields and the growing expectations of cutting the FED rate, which make non-revenue assets such as silver more attractive.
Concern about the instability of global trade has also fueled Silver’s safe port demand. Just like gold, however, Silver’s profit is confronted with resistance due to a slight recovery in the US dollar and strength in stock markets.
Nevertheless, silver remains on a bullish path, where analysts are further predicted if the uncertainty of the market continues to exist.
Market focus shifts to US economic data
Investors keep closely in the vicinity of upcoming American labor reports, in particular the data from Friday -agricultural wage lists (NFP), for further clarity about the monetary policy position of the FED.
In addition, weekly initial unemployed claim data on Thursday will provide further insight into the labor market. A weaker than expected report could strengthen the case for further cutbacks, which may add more fuel to gold and silver.