Analysts: Gold and silver are in overbought territory, and prices will face further corrective pressure.
in the highly volatile trading on Monday, spot silver's decline once expanded to 8%, and spot gold fell below $4400/ounce. Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, stated, "Gold and silver prices retreated from record highs on Monday as traders took profits after the record rally." Gandhi further pointed out that gold and silver are both in overbought zones on higher time frames, which is a cautious signal indicating a healthy correction is needed before the rally continues. He said, "We expect gold prices to face further corrective pressure as investors adjust and rebalance positions at the end of the month and year."
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