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Gold And Silver Forecast Neutral

Published 02/05/2021, 04:39 AM
Updated 07/09/2023, 06:31 AM

Gold bounced from 1785. Being in a sideways trend, a strong recovery from here is possible although I do not see a buy signal. I am basing that on recent action, where we get a strong move, which is immediately reversed the next day. Not an easy market to trade but a bounce targets 1809/10, perhaps as far as 1816/17. If we continue higher look for strong resistance at 1825/27. Shorts need stops above 1831.

A break below 1783 risks a slide to 1875, 1871/70 and perhaps as far as support at the November swing low at 1866/64.

Silver buying opportunity at 2610/2590 with stops below 2570. A break lower risks a slide to 2550 and 2500.

First resistance at 2675/85. Above 2700 opens the door to 2730 and 2740/50. Further gains are certainly possible in to ne targeting minor resistance at 2790/2800.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

XAU Chart

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