Gold and silver are looking soft into the US session
(Kitco News) - Gold has had a tough start to the session as further restrictions are being enacted all over Europe. The gold price has now moved lower to print below the trendline support and now the support level at $1881 per ounce looks to be the next port of call. Interestingly, in the FX markets, the likes of AUD, EUR and GBP have suffered more against the greenback strength and stocks have capitulated. If there is to be some relief to the dollar strength it will be interesting to see if gold slingshots back and starts to act like a safe-haven again.
Silver looks slightly more bearish as the price has move conclusively below the trendline support. There are two main support zones at $22.82 and $21.64 per ounce respectively. Looking ahead to the rest of the session the price may come back to retest the trendline before continuing lower, as this is often the case but if the move does accelerate lookout for the aforementioned support areas.