GOLD PRICE ANALYSIS: 15-11-2021

Bullion Price Analysis: inflation pressures on the rise, Gold and Silver prices continue to test critical levels of support and resistance, bringing fundamentals to the forefront of risk sentiment.

From a technical standpoint, price action on the weekly chart has recently broken above trendline support with the commodity channel index (CCI) lingering in overbought territory.

Meanwhile, after the Michigan sentiment data came in lower than expected, Gold and Silver prices rose temporarily while the CCI (commodity channel index) remained in positive territory.

After the formation of a hanging man candle on the daily chart, the probability of a correction or potential reversal of Gold may be expected if central banks agree to tighten policy.

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