Gold market is consolidating right now and despite the US dollar slumping, gold has failed to recover. Gold lacks clear directional bias despite an improved risk appetite and weakness in the US dollar. The impeachment of ex-US President Donald Trump is not happening soon so that news is out of the way but next trigger for gold would be US President Joe Biden's fiscal stimulus. Large precious metals speculators increased their net long positions in the Gold futures markets marginally last week. Gold has support at 48,500 in MCX as that is the level that has not been breached since 11th Jan and multiple times, that level has been tested.
Silver has been choppy and swinging between $25 to $26 since last one week. US real yields have been dropping in, which is likely to stop any sell-off from getting too deep in Silver. Right now, 50EMA is at $26 which is providing resistance while $25 has been providing support. II. Traders shou
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