Gold & Silver Surge Higher

07/10/2020 9:56 am EST

Focus: COMMODITIES

Fawad Razaqzada

Technical Analyst, TradingCandles.com

Fawad Razaqzada breaks down the recent surge in precious metals.

Both gold and silver extended their gains Wednesday, so let’s conduct some analysis on the precious metals.

People that follow me know I have been bullish these metals for a long time, and I continue to think more gains will be on the way, especially silver which looks relatively inexpensive compared to gold.

Precious metals remain supported due above all to low interest rates and QE money finding its way into these assets as well. Economic concerns and fears over a potential stock market correction are additional reasons people have been buying safe-haven assets, especially gold and silver.

Silver has found additional support from hopes that demand will recover strongly in China, where equities have surged higher over the past few days and supported industrial metals such as copper (and silver).

In the video below, I have provided some analysis for both bullish and bearish scenarios. Don’t forget to like and share the video if you find it useful, and to encourage me to make more such videos.

Fawad Razaqzada, Senior Market Analyst at TradingCandles.com, is an experienced forex market analyst and economist. He posts market analysis on all sectors from both a technical and fundamental. Previously he served as a market analyst with FOREX.com and City Index.

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