Gold and silver prices retrace after 10% rallies, bulls still favored

Share:

• Gold price peaked on Monday right above $2,000 before bulls took some profit.
• Silver is following the same trend, still far from its all-time highs.
• Precious metals have benefitted from the international banking crisis.

Precious metals are continuing the retracement initiated on Monday as the financial markets try to settle down from the huge stress seen over the last few days. Gold price (XAU/USD) has pulled back to trading below $1,970 at the time of writing, from a peak above $2,000 early on Monday. Silver price action (XAG/USD) has been a bit quieter, with a relative monthly high below $23 achieved on Monday and a 1% retracement since.