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Gold Price Outlook Bullish, Silver Prices Could Soar on ETF Surge

Gold Price Outlook Bullish, Silver Prices Could Soar on ETF Surge

2019-07-12 12:00:00
Justin McQueen, Analyst
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Gold & Silver Price Analysis and Talking Points:

  • Gold Prices Maintain Bullish Outlook, Double Top Eyed
  • Silver Price Outlook | ETF Surge Bodes well for Silver Prices

See our quarterly gold forecast to learn what will drive prices throughout Q3!

Gold Prices Maintain Bullish Outlook, Double Top Eyed

As Fed Chair Powell set the stage for an interest rate cut at the end of the month, gold prices reclaimed the psychological $1400 level as the USD dropped. As such, with central bank easing on the way from both the Fed and ECB, global bond yields continue to head lower sparking a record amount of global bonds yielding negative rates, thus the opportunity cost for holding gold is reduced. Alongside this, the backdrop of slowing global growth has also underpinned the precious metal, thus, risks remain tilted to the upside with the double top in sight at $1435-40.

GOLD Technical Levels

Resistance 2: $1435-40 (Double-Top)

Support 1: $1380 (July low)

Support 2: $1373 (23.6% Fib)

GOLD PRICE CHART: Daily Time-Frame (Aug 2018 -Jul 2019)

Gold Price Outlook Bullish, Silver Prices Could Soar on ETF Surge

What You Need to Know About the Gold Market

Silver Price Outlook | ETF Surge Bodes well for Silver Prices

Silver prices remain underpinned by psychological support at the $15 level. Although, near term resistance at the 38.2% Fib ($15.33) has kept gains limited thus far. However, with institutional buying increasingly evident given the widening divergence between total ETF holdings (currently at 2019 highs) of silver and the price, raises scope for a push higher in the white metal.

Gold Price Outlook Bullish, Silver Prices Could Soar on ETF Surge

Source: Thomson Reuters

Silver Price Chart: Daily Timeframe (Oct 2018 – Jul 2019)

Gold Price Outlook Bullish, Silver Prices Could Soar on ETF Surge

GOLD TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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