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Buying in cryptocurrency is putting pressure on precious metals: Tradebulls

Both silver and gold are headed to basement after strong US and Europe's economic data

Buying in cryptocurrency is putting pressure on precious metals: Tradebulls
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The outlook for the silver price movement is rather neutral to bearish

Bhavik Patel Mumbai
Gold market has broken down significantly since last week as the US Dollar had gathered steam and smooth White House transition. Vaccine news is also putting prices under pressure. Gold is near to its support area around $1800 (also its 200 day SMA) and previously it was that area from where it broke resistance and made new high. There is plently of support around that level but if bears manage to break below this mark, then we may see correction more to the tune of $50. Strong US and Europe's data also pushed gold prices lower. We are waiting for

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First Published: Nov 26 2020 | 7:48 AM IST

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