Gold quotes continue to grow and during yesterday’s trading session, it exceeded $1,680 per ounce.
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The price of silver futures continues to rise, reaching USD 15 per ounce, along with the USD Index, which is also strengthening, but this time the metal quotes look stronger and are in no hurry to decline. The number of speculative positions in silver continues to decline, but the pace of the fall slowed down and, according to the CFTC, the number of positions is 30.9K after 42.0K a week earlier.
On Monday, gold strengthened after reports that the US was preparing new stimulus measures worth $1.4 trillion. Also, the instrument was supported by a report on the difficulties associated with finding a precious metal for funds operating in the United States. Purchase orders exceed the amount of the asset available for sale. However, resource-oriented economies suspended the purchase of gold due to falling oil prices, so it will take some time to confirm its deficit.
Today, during the Asian session, silver prices show an active upward trend, renewing local highs since March 13.
The price may fall.
On the 4-hour chart, an upward correction of the higher level formed as the wave (B), and the downward wave (C) started to develop. Now, the first entry wave of the lower level i of 1 of (C) has formed, an upward correction has developed as the wave ii of 1, and the formation of the wave iii of 1 is starting. If the assumption is correct, the price will fall to the levels of 1450.00–1265.31. In this scenario, critical stop loss level is 1645.28.