Commodities Analysis by Fawad Razaqzada covering: XAU/USD, XAG/USD, US Dollar Index Futures, Gold Futures. Read Fawad Razaqzada's latest article on Investing.com
Despite a stronger US jobs report, gold and silver prices surged to new highs, driven by safe-haven demand amidst geopolitical tensions.
But as yields on government debt ascend, the opportunity cost of holding gold continues to rise from a yield’s perspective, given that the metal is a zero-interest-bearing asset. The risk of a correction is therefore rising.traders ignored the rise in Treasury yields as investors trimmed bets on a rate cut in June, and the chances of three Fed reductions this year fell.
Gold soared approximately $40 to establish a new all-time high, while silver maintained its upward momentum, registering a weekly gain of around 10%. But at these levels, both metals appear a little overbought and a bit of a pullback should not come as a surprise. I would be looking for potential dips back to the $25-$26 area to be supported. Let’s see if silver will ease back from these levels to get to those levels, as undoubtedly many people have missed this big price spike.Undoubtedly, gold is looking quite overbought on almost any metric you use. You can see from the sub-chart, the Relative Strength is well above the 70.0 threshold, which may mean we could see some profit-taking or consolidation in the week ahead.
Be sure to check out InvestingPro to stay in sync with the market trend and what it means for your trading. As with any investment, it's crucial to research extensively before making any decisions.
XAG/USD US Dollar Index Futures Gold Futures
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