Precious Metals Market

Gold has found some relief from a weaker US dollar and lower yields in the last couple of days, but it could come under renewed pressure as the greenback’s weakness could be temporary, while easing Middle East tension owing to the ceasefire agreement point to lower haven demand.

Last week was the strongest weekly outing for gold since the regional banking crisis in 2023; but gold’s nine-month streak of gains is at risk as the metal finally pulled back in November.

Bitcoin, Gold Analysis: Ceasefire agreements are transitioning from speculation to reality ahead of the holiday season and Trump’s upcoming term. Gold’s rally has stalled below the $2,700 mark as haven demand wanes, while Bitcoin has retreated slightly below the psychological $100,000 level.

Gold analysis: After the big sell-off on Monday, I will try to examine what this means for gold in terms of direction in the near-term outlook, purely from a technical point of view.

It's not every day you see gold plunge alongside yields. But that is what Monday served on reports of a potential ceasefire in Gaza and Trump's picking a relatively 'safe pair of hands' for the US Treasury Secretary role. With a prominent swing high on gold, I suspect it could be headed much lower from here.

Already lower on the day thanks to the risk on rally as traders reacted positively to Donald Trump’s choice of Scott Bessent for Treasury Secretary, gold took another dive lower in the last hour.

While traders pushed net-long exposure to the USD to a 20-week high, there is also been a notable pickup of long yen bets. They're also piling into EUR/USD shorts, which is why I continue to suspect USD/JPY and EUR/USD may converge and move lower.

The US Dollar has finally found some resistance after filling the FOMC gap from last year, and that goes along with a EUR/USD bounce from the 1.0500 psychological level.

The price of gold extends the recovery from the start of the week to keep the Relative Strength Index (RSI) above 30.

Gold has been heavily sold so far this month, but Friday showed both a doji and an inside bar after the Thursday low printed at a really big level.

Gold and silver could be primed for a recovery as US bond yields show signs of consolidation following their rapid climb. With a quiet economic calendar and fewer Fed rate cuts now priced in, a near-term ceiling on yields may shift momentum in favour of precious metals. Here's why this setup could signal a bottom for gold and silver prices.

Gold’s now testing its 100-day MA and the 14-day RSI is at its lowest level in a year, hinting at a near-term bounce.

For now, the ongoing hawkish repricing of US rates after Trump's emphatic victory is keeping US dollar and yields underpinned, and buck-denominated gold undermined.

US Treasury yields are surging, putting USD/JPY on a relentless climb and crushing precious metals. Traders are demanding greater retunes given the fiscal, growth and inflation outlook, and with key data and Powell's speech looming, the pressure is only building for bond markets.

The price of gold may continue to give back the advance from the September low ($2472) as it no longer tracks the positive slope in the 50-Day SMA ($2650).

It was a lively day’s trade on Monday with Bitcoin reaching news highs above $80k and the USD index retesting its YTD high of 105.62. WTI crude oil and gold are on the brink of breaking key levels to the downside.