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Forex Today: Gold and Silver correct from record peaks
Key Takeaways (30s Read)
Gold and silver are correcting from record peaks.
On December 29, 2023, the focus is on the price corrections of gold and silver from their record peaks. Gold (XAU/USD) is witnessing a pullback from previous highs, with a strong resistance noted. This adjustment seems driven by profit-taking among investors, as the price looks to test support around $1840. Silver (XAG/USD) is following a similar pattern, retreating from earlier highs, with significant support expected near $26.00. Falling below this level could increase the risk of further declines. Both metals are expected to experience high volatility during the upcoming trading session, and investors should remain cautious, particularly given the potential impact of U.S. economic indicators on interest rates and the strength of the dollar.
AI Analyst
AI Opinion
"The current adjustments in gold and silver prices highlight a significant shift as investors engage in profit-taking ahead of upcoming economic indicators. Gold appears to be supported at around $1840, and maintaining this could set the stage for a rebound. Similarly, silver is watching the $26.00 support level closely. The market dynamics will likely pivot around U.S. economic data, suggesting traders should closely monitor these indicators. Overall, the interplay between interest rate policies and the strength of the dollar will be crucial for both metals. It’s vital for traders to manage risk effectively while adapting their positions to the evolving market landscape."
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