The uptrend in precious metals prices is now inconsistent with a recent slew of resilient data. Thus, economists at TD Securities expect Gold price to slide below the $1,750 mark.
Break under $20.80 to confirm a renewed downtrend in XAG/USD
“Thus far, the uptrend formed in precious metals prices is inconsistent with the slew of resilient jobs data which have raised the risk that the Fed will not be in a position to cut rates in 2023. This scenario would likely see Gold markets return to a downtrend, leading to a consolidation below our estimate of the critical threshold for a sustained change in trend near $1,750.”
“The breadth of Silver's uptrend signals pointing long is already deteriorating, but a break below the $20.80 mark by June would confirm a renewed downtrend.”
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