Gold and Silver Prices Experience Corrective Rebounds After Recent Lows

Gold and silver prices rebounded slightly after hitting multi-week lows on Thursday, supported by a weaker US dollar index and higher crude oil prices. However, both markets are in near-term technical trouble. The US Congress and the Biden administration are expected to agree on raising the US government's debt ceiling, boosting trader and investor sentiment. The Nikkei stock index hit a 33-year high, partly due to Warren Buffet's investment in Japanese stocks. The gold futures bulls have the overall near-term technical advantage but are fading fast, while the silver bears have the overall near-term technical advantage.