Gold & Silver Volatile at High Level While USD Extends Loss

WikiFX News (29 July) - Gold and silver have edged lower in choppy trading, indicating their prosperity is about to end despite of the bullish prospect.

At the same time, USD has witnessed its sixth losing streak, reinforcing market's forecast for a weak U.S. economy in the short term. Meanwhile, USD may tend to be downward in the medium and long term amid ultra-loose monetary policies and the mushroom growth in the public debt.

Technical analysis suggests that despite of the broadly bullish outlook, gold is more likely to see volatility with support resting at 1900-20 and resistance standing at 1980-2000.

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