Analyst: Gold and silver are in overbought territory, and prices will face further correction pressure

According to Odaily, during highly volatile trading on Monday, spot silver's decline once widened to 8%, and spot gold fell below $4,400 per ounce. Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, stated, "Gold and silver prices retreated from record highs on Monday as traders took profits following a record-breaking rally." Gandhi further pointed out that both gold and silver are in overbought territory on higher timeframes, which is a cautious signal indicating the need for a healthy correction before the rally continues. He said, "We expect gold prices to face further correction pressure as investors adjust and rebalance their positions at the end of the month and year." (Golden Ten Data)