Gold, Silver Analysis

• Now that the risk of a broader conflict in the Middle East has subsided, gold attempts bulls look to a softer dollar to prop up prices
• Gold (XAU/ USD ) attempts to lift off of support at $2320
• Silver (XAG/USD) tests Fibonacci level currently acting as resistance
• Elevate your trading skills and gain a competitive edge. Get your hands on the Gold Q2 outlook today for exclusive insights into key market catalysts that should be on every trader's radar:

Gold Bulls Looks for Inspiration in the Dollar after Tensions Subside

Implied gold volatility (GVZ) has experienced a notable drop now that the risk of a broader conflict in the Middle East has subsided massively. As a natural result, gold prices have pulled back but remain at elevated levels. Gold bulls may be looking to a slightly weaker dollar in anticipation of a bullish continuation for the metal but in recent weeks, gold has appeared detached from its usual inverse relationship with the greenback as the two have risen together.

Gold 30-Day Implied Volatility