Technical Forecast for Gold and Silver for the Coming Week: Will XAU/USD, XAG/USD Turn?

Gold, XAU/USD, Silver, XAG/USD – Technical forecast for the coming week:

  • Gold prices leveled off in August after sustained losses
  • Meanwhile, silver is making a more aggressive push higher
  • What are the key technical levels to watch over the coming week?

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Technical Forecast for Gold – Neutral

Gold prices have leveled off over the past week after sustained losses in August. Prices reinforced the 1681 – 1696 support zone, breaking out of a Bullish Engulfing Candlestick Pattern. The yellow metal then found cautious upward movement as prices neared the 38.2% Fibonacci extension level at 1732.

Not far above is the 20-day simple moving average (SMA), which could restore focus on the downside. If this is not the case, the long-term falling trend line will come into focus from March. Confirming a break above this trendline will likely be crucial to reverse the downtrend. Until then, there is room for gold to move higher in the meantime without necessarily breaking the downside focus seen earlier this year.

If that’s the case, keep a close eye on the 100-day SMA as the next key level. In the event of a move down, keep a close eye on the July low. A confirmatory break would open the door to testing the lowest price since 2021. Subsequent losses would reveal the 78.6% and 100% Fibonacci extensions at 1651 and 1609, respectively.

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XAU/USD daily chart

Chart created with TradingView

Silver Technical Forecast – Slightly Bullish

Silver prices have been rallying higher for the past week after a false break below the 18.148 – 18.410 support zone. XAG/USD then confirmed a break above the mid-August short-term declining trendline. That has opened the door for more gains as the 50-day SMA approaches. This line is also closely aligned with the 38.2% Fibonacci extension at 19.204.

A push higher would then expose the 23.6% level at 19.841 before the August high at 20.871 comes into play. In the event of a turn down, keep an eye on the previously mentioned support zone. Further losses then unleash the 78.6% extension at 17.44 before the 100% mark comes into play at 16.507.

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XAG/USD daily chart

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— Written by Daniel Dubrovsky, strategist for

To contact Daniel use the comments section below or @ddubrovskyFX on twitter

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