On Thursday (November 16th), the US Producer Price Index, which measures wholesale prices, fell 0.5% in October, marking the largest monthly decline since April 2020. Meanwhile, the consumer price index remained unchanged in October. For investors, this may be a positive signal as it may alleviate the Federal Reserve's concerns about inflation. Gold and silver continued to maintain a positive momentum, while crude oil prices plummeted significantly.
Gold bullish continues
According to the analysis of fxdailyreport, gold prices have continued to rise after rebounding from the 200 day moving average and the $1953 support point. Not surprisingly, the overall trend of gold remains bullish and will soon test the key level of $2000. Traders who have already held a long position at the time of testing the support point can now hold that position. Traders who want to increase their positions can wait for the bearish correction of the support point.
Key levels worth paying attention to today:
Support level: $1950, $1900, $1850, $1800
Resistance level: $2000, $2069, $2074
Silver touched $23.90
According to the analysis of fxdailyreport, following the continued rise in gold prices, silver prices eventually rose to $23.90. If the situation remains unchanged, silver prices will continue to move towards the range of $25.00 to $26.00. Traders who already hold long positions can hold that position and avoid short positions.
Key levels worth paying attention to today:
Support level: $23.00, $21.35, $20.00
Resistance level: $23.90, $25.00, $26.00
Crude oil fell below $77.13
According to the analysis of fxdailyreport, the support level of $77.13 cannot withstand the bearish pressure of crude oil prices. Crude oil prices continue to be bearish, with $70.00 being the next target for downward support. Traders will wait for bullish reactions around $70.00 and opportunities to establish long positions.
Key levels worth paying attention to today:
Support level: $70.00
Resistance level: $77.13, $80.00, $85.00, $90.00
