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Gold Price and Silver Forecast: Weakness Seen as Continuing

Gold Price and Silver Forecast: Weakness Seen as Continuing

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Gold/Silver Technical Outlook:

Gold took a hit yesterday, seen as heading lower some more

Silver remains stuck in a downtrend

Gold Forecast
Gold Forecast
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Last week, gold hit resistance and only stayed up against it for a day or so; the low 1830s turned out to be too much for gold to climb through. Yesterday brought some heavy selling that is seen as only the beginning of a bout of weakness.

We may see a little reprieve in the near-term, perhaps trading back around the 200-day at 1808 again, but between solid bearish momentum off resistance and a lack of meaningful support levels, lower prices are anticipated.

Looking lower, there are only minor support levels to speak of in the short-term. There was a couple of small turn in August at 1780 and 1774. There may or may not support a meaningful low. Hard to say at this juncture, that if we see weakness where a decline may end.

From a tactical standpoint, would-be shorts may want to enter on a countertrend rally. Fresh longs, from this seat, don’t look particularly appealing.


Gold Daily Chart

gold daily chart

Gold Chart by TradingView

Silver is still trending solidly lower, with its turn coming off a trend-line dating to June and a small pivot from July. As long as silver stays below last week’s high at 24.86, it seen as vulnerable to selling. When looking at the two charts – silver and gold – while the latter looks headed lower too, silver may be the better short. There isn’t any real meaningful support for a good way lower under 23.

Silver Daily Chart

silver daily chart

Silver Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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