🚀 Precious metals continue to rally supported by USD weakness
US dollar launched a new week's trading on the back foot and is dropping against all other G10 currencies. US currency is weakening as traders see Fed rate hike cycle as done and are bracing for rate cuts in 2024. Dovish expectations and weak USD are provide fuel for rally on precious metals. Gold is trading 0.6% higher on the day and trades above $2,000 mark. Gold is close to making the first monthly close above this psychological level in history. Meanwhile silver rallies 1.7% today and slowly approaching $25 per ounce area for the first time since the end of August 2023.
Taking a look at SILVER chart at D1 interval, we can see that the price has been trading sideways in the $22.25 - 25.00 range for the past half a year. Silver price has recently bounced off the lower limit of the range and rallied over 12% over the past two weeks. Bulls are now approaching a key mid-term resistance zone ranging below $25.00 mark and a break above would pave the way for a bigger upward move.
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Source: xStation5
