The Federal Reserve’s interest rate decision will be the prime market mover this week for gold and silver prices as the central bank is favored to cut rates by another 25 basis points. Gold and silver prices have settled from their August highs amid the market volatility, but look for more upside ahead as investors continue to pile in on safe haven assets.

In addition, higher oil prices as a result of drone attacks on Saudi Arabian supply facilities are playing a hand in the rise of precious metals.

“It’s widely believed the FOMC will lower U.S. interest rates by 0.25%. President Trump has been brow-beating the Fed recently to get on the stick and lower interest rates, to make the U.S. more competitive with other nations on trade,” wrote Jim Wyckoff of Kitco News. “The spike up in oil prices this week may throw a monkey wrench into central banks’ monetary policies, which had heretofore been leaning very easy. Sharply higher oil prices immediately raise the specter of rising inflation, which could hamstring central banks’ monetary policy easing in efforts to jumpstart or sustain their economic growth.”

From a technical standpoint, charts are still favoring the bulls.

“Technically, the gold bulls have the solid overall near-term technical advantage and are keeping alive a three-month-old uptrend on the daily bar chart,” wrote Wyckoff. “Bulls’ next upside price objective is to produce a close in October futures above solid resistance at the September high of $1,566.20. Bears’ next near-term downside price breakout objective is pushing December futures prices below solid technical support at $1,485.00. First resistance is seen at Monday’s high of $1,519.70 and then at 1,525.00. First support is seen at $1,500.00 and then at the September low of $1,492.10. Wyckoff’s Market Rating: 7.0.”

Leveraged ETF Options

Bulls or bears can take advantage of leveraged funds in precious metals. Investors looking to invest in precious metals ETFs could try the SPDR Gold MiniShares (NYSEArca: GLDM) and SPDR Gold Shares (NYSEArca: GLD) as a great way to play the market, while silver bulls could try the iShares Silver Trust (SLV) and the Aberdeen Standard Physical Silver Shares ETF (SIVR)two of the largest exchange traded funds backed by holdings of physical silver.

Traders looking for leverage can use funds like the Direxion Daily Gold Miners Bull 3X ETF (NYSEArca: NUGT), VanEck Vectors Gold Miners (NYSEArca: GDX) and the Direxion Daily Jr Gold Miners Bull 3X ETF (NYSEArca: JNUG).

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