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CMS Daily Market Report 17th October 2022

 

After two consecutive weeks of upward movement, gold lost 50 dollars of its value last week and ended the week in the 1644 range. Now, according to the price position in the daily and 4-hour charts, any price increase towards the 1664 range is a selling opportunity, and the way to reduce the price towards the 1635 and 1620 levels is available.

Coinciding with the downward movement of gold last week, silver also lost more than 9% of its value and formed a bearish engulfing candle in the weekly chart. Now, according to the price position in the 4-hour chart, any increase in the price towards the 18.90 range is a selling opportunity, and the path is ready to start a new downward wave towards the 17.36 range.

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