Gold and Silver Technical Forecast: Precious Metals in Danger

 

GOLD SEES UPSIDE REJECTION AT 50 SMA, RISKY OF MOVING LOWER

Jerome Powell’s speech at the Jackson Hole Economic Symposium came across as rather hawkish, despite the fact that this is a technical article. However, the Fed chairman did throw a small lifeline to doves by mentioning that as policy tightens even further, it will be appropriate to slow the pace of rate rises at some point.

The dollar started off the week trading down, but it has since more than recovered those losses and begun to strengthen as the week comes to a close. Naturally, we saw a deliberate decline in gold.

The technical picture for gold is now rather complicated. Today’s negative market action has almost erased the previous countertrend bounce, and gold is now getting close to the August and September 2021 lows at approximately 1722. The 50-period simple moving average prevented the countertrend rally from happening (SMA).

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