⏫⏫ Silver gains over 4%

Although market sentiment regarding the reduction of rate hikes in the USA appears premature, there is a sense of euphoria. Just recently, 10-year yields reached 4.1%, but today they stand at only 3.85%. There is significant movement in TNOTE today, resulting in substantial gains in the precious metals market. Gold is up 1.3%, while silver has experienced an upward movement of over 4%.

More than half of the Head and Shoulders pattern on gold has been fulfilled with a test of the $1960 per ounce level. Gold is testing its highest levels since June 20th. Source: xStation5.

Silver is gaining over 4% today, resulting in a $1 increase per ounce. It surpasses the range of the largest correction in the trend. Additionally, the 50-session moving average is broken. In previous instances in October 2022 and March of this year, such breakouts led to rallies of approximately $3.5 since the breakout. If a similar pattern occurs, the price could potentially reach as high as $27 per ounce. Source: xStation6.