Today, precious metals are trading in the red zone. The markets of gold, silver, platinum and palladium are seeing bearish moves at the moment. On Friday, these markets were mostly bearish as well.
· Gold is down by 0.23%. The current price is around $1769,40/oz.
· Silver has declined in value by 0.38%. The current price is around $34,40/oz.
· Platinum is down by 0.36%. The current price is around $1655,60/oz.
· Palladium has lost as much as 1.13%of its value. The current price is around $ 630,35/oz.
The chart below, courtesy of , reflects the current state of affairs in the market of gold:
Gold was bearish on Friday. This was a retracement move against the previous rally. If the supposition about the start of a new bullish trend is right, we will see the price terminating wave [ii] and starting another strong upswing with a break above all major levels of resistance. The critical level of support for the bullish scenario is 1735. A break below it will suggest the elongation of wave [ii].
