A good piece of Weight shall be given to both factors of Buying and Selling Precious Metals, However looking the fact there are various GeoPolitical tensions emerging in the market, which shall hold the Precious metals.
Currently we do see the dive, due to OverBought Conditions in the market, As Market wants to Cross $700 with a Force, and not with a Peak OverBought Motion.
Once we are in tip of OverSold territory, the Market buys back again, with force, and we push the boundaries at $700, which is Phsycological Resistance.
Current factors for downwards momentum also include the Pressure of Profit-taking in Crude Oil as well.
The Dollar is Weak, however, Crude Oil Implies heavy force to Precious Metals.
In our earlier Update, We mentioned Support lies around 656.40 which is Feb 21 Low. Where we saw a Rebound Yesterday.
Crossing that we see at 648 Levels.
There are Chances for Rebound at 648 levels, Where GOOD Amount of Support is there, and We will be at Tip of OverSold Territory.
