Gold / Silver Technical Outlook:
• Gold was hit yesterday, which was seen even lower
• Silver remains on a downward trend
Last week, gold hit resistance and lasted only about a day; the low 1830s proved too much to climb for gold. Yesterday led to heavy sales, which are considered only the beginning of a weakness.
We may see a slight setback in the near future, we may trade again for around 200 days around 1808, but a lower price is expected between a sustained strong rate of decline and the absence of significant support levels.
Looking lower, in the short term we can only talk about small levels of support. There were a few small turns in August, 1780 and 1774. Reasonably low levels may or may not be supported. At the moment, it is difficult to say that if we see a weakness where the decline may end.
From a tactical point of view, future shorts may wish to take part in a counter-trend rally. The fresh longs of this seat don’t look very appealing.
Golden daily schedule
Silver is still firmly below, with its June trend and a small turning point from July. As long as silver is below last week’s highest level (24.86), it was considered vulnerable to sales. If you look at the two charts – silver and gold – although the latter seems lower, silver may be better short. There is no real meaningful support for good manners under the age of 23.
Silver daily schedule
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– Written by market analyst Paul Robinson
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