A list of precious metals, including silver and gold, were trading low on Tuesday as investors are considering fears of a global economic slowdown and recovering US Treasuries.<\/p>\n
The risk appetite seemed to return to the market as bond yields stabilized. The USD index is so far positive, but however gains are limited, while stock market prices are rising.<\/p>\n
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Speaking about growing concerns regarding the global economy, National Australian Bank economist John Sharma said in an article recently published by CNBC that the market isn\u2019t “hundred percent sure there is going to be a recession as the yield curve inversion should be there for a whole quarter and not just for a day or two. \u201c<\/p>\n
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Meanwhile, other analysts believe that the risk of a US economic slowdown has risen and that the Federal Reserve has stopped raising interest rates, which provides some support for gold, yet not enough to trigger a rise in the yellow metal prices. “This likely was the key reason why gold did not meaningfully follow through higher.\u201d<\/p>\n
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“Given that the market is increasingly pricing in a US rate cut this year, the US dollar is on a weak footing and considering that equities are generally more worried about growth, gold could well move into a higher trading range sooner than expected.\u201d, declared the National Australian Bank.<\/p>\n
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Gold traded negatively on Tuesday as investors were more willing to bet on riskier assets. Gold also hit technical levels around $1,320. Currently XAU \/ USD is trading 0.50% negative on the day at $1.315 per ounce. The pair is trading on its first negative day in the last 3 sessions.<\/p>\n
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Traders started selling gold after reaching $1.324, the highest since Feb. 28. While on the downside, the next support is at $1,310. If the pair manages to recover, a break above $1.324 will open the resistance level at $1,330.<\/p>\n
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Silver is trading negative in today\u2019s session as risk appetite returns to the market and the pair is testing important technical levels. The 50-day moving average is acting as a resistance and the pair has been holding since March 1st.<\/p>\n
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The XAG \/ USD pair is currently trading at 0.40% negative price at $15.47. The pair seemed unable to gain above the 50-day moving average at $15.60 and fell to $15.40 earlier on.<\/p>\n
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USD \/ Palladium is trading at a negative 1.50% on the day, as palladium investors are selling again after Monday’s bounce from 1.530. The pair is currently trading at $1,550 in consolidation mode after the unit reached an all-time high of $1.615 on March 21.<\/p>\n","protected":false},"excerpt":{"rendered":"
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