Gold Price and Silver Prediction – XAU/USD, XAG/USD not looking too good

Gold Price Technical Outlook: Neutral to Bearish

  • Gold Pullback A Retracement Or Start Of Another Downtrend?
  • The momentum is quite strong, pointing to more selling
  • Dollar strength meets precious metals

Gold Price and Silver Prediction – XAU/USD, XAG/USD is not looking too good

Gold (XAU/USD) has been slipping with the USD bull for days and with the dollar looking the way it is (bullish) it could be tougher for precious metals. We could see some short-term respite, but for now it looks like it’s going to be an opportunity for sellers.

Gold needs to show some courage here very soon and turn back to the recent high at ~1808 and climb above it to bring channel breakout back into play. Against this backdrop, the channel line is poised to be tested as support. So if gold is about to turn this down move into a retracement, now would be a good time to do so.

For now, watch as a countertrend move unfolds to see if there could be more weakness in the cards. Thinking is more weakness after maybe a small bounce and major support on the downside just below 1680 on this test.

Gold price (XAU/USD) daily chart

Gold chart from TradingView

Silver (XAG/USD) is coming under pressure with the 18.12 low looking increasingly poised to be hit and possibly breached. This is not the price action of a market that is in decline, but rather one that is in the midst of a new leg down.

Silver (XAG/USD) price daily chart

Silver price daily chart

Silver chart from TradingView

Resources for forex traders

Whether you are a new or experienced trader, we have several resources available to help you; Tracking indicator dealer moodquarterly Trade Forecastsanalytical and pedagogical webinars every day Trading Guides to help you improve trading performance and one specifically for those who are new to forex trading.

— Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

item within the

Element. This is probably not what you wanted to do! Load your application’s JavaScript bundle into the item instead.

Comments are closed.