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Gold Price Steadies After Friday's Sell-Off, Silver's Volatility Remains Elevated

Gold Price Steadies After Friday's Sell-Off, Silver's Volatility Remains Elevated

Nick Cawley, Strategist

Gold (XAU/USD) and Silver (XAG/USD) Analysis, Prices and Charts

  • Gold looking to build short-term support.
  • Silver signals short-term volatility.

US President used his executive powers to sign off a new coronavirus aid package on Saturday after Congress failed to agree on a new package of fiscal measures. The move gave risk markets a slight boost, weighing on the price of gold. However, tensions between the US and China continue to deteriorate with Chinese tech companies firmly in the sights of the US. In retaliation to the US placing sanctions on Hong Kong leader Carrie Lam last Friday, China is reported to have imposed sanctions on 11 US officials today, ratcheting up tension between the two superpowers.

The US dollar is treading water and remains just one point above its recent 27-month low. The chart looks mixed and the next move in the greenback will likely be decided by fundamental factors rather than any technical drivers.

US Dollar Weekly Outlook – Short-Term Relief Rally or a Change of Heart?

Gold currently trades around $2,032/oz. in tight trading conditions. The precious metal should find initial support off last Wednesday’s low around $2,008/oz. before a cluster of late July highs around $1,980/1,990/oz. come into focus. The strength of the recent rally does leave gold to another move lower but the fundamental backdrop remains positive, suggesting any sell-off should be viewed positively for traders with a medium-term outlook. Friday’s bear candle may have been a pre-weekend bout of profit-taking more than the start of a sustained sell-off.

Gold Daily Price Chart (January – August 10, 2020)

Gold Price Steadies After Friday's Sell-Off, Silver's Volatility Remains Elevated

Silver Remains Highly Volatile

Silver also fell post Friday’s US Jobs Report but the chart looks marginally more positive than gold’s with a series of unbroken higher lows made. Silver also remains highly volatile (ATR) and is likely to remain that way in the short-term. The series of higher lows, and the fact that silver opened above Friday’s sell-off low should keep the market biased towards higher prices in the medium-term, although the recent level of volatility suggests this could start from a lower base.

Silver Daily Price Chart (January – August 10, 2020)

Gold Price Steadies After Friday's Sell-Off, Silver's Volatility Remains Elevated

Trading the Gold-Silver Ratio: Strategies and Tips

What is your view on Gold and Silver – are you bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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