Spot Gold (NY Close): $1574.05 // -57.52 // -3.53%The recovery in risk appetite bodes well for gold prices, weighing on the safe-haven US Dollar and thereby offering the metal a de-facto lift via its denomination in terms of the benchmark currency. The technical picture reinforces the likelihood of a bounce as prices test trend-defining support at 1562.55, the intersection of a former horizontal resistance level dating back to early May and a rising trend line unbroken since October 2008.RSI studies point to oversold conditions, reinforcing the case for a recovery. The 1609.05 level has been recast as initial resistance.
Spot Silver (NY Close): $28.91 // -1.87 // -6.08%As with gold, a recovery in risk appetite promises to boost silver as the safe-haven US Dollar takes a corrective step backward. Prices found support at 28.41, the October 5 wick low, with a bounce from here targeting 29.79. Alternatively, renewed selling exposes the September 26 low at 26.05.Daily Chart - Created Using FXCM Marketscope 2.0
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