Gold and Silver Technical Forecast: Both Boosted by a Weak Dollar, Silver Surges

 

TECHNICAL FORECAST FOR GOLD AND SILVER

  • The US dollar‘s overall decline has boosted both gold and silver, but silver stands out among the two metals in terms of its positive climb.
  • Gold: There is significant resistance at the psychological 1800 level and the 200-day SMA.
  • Silver is trading above a large zone of support with no indications of slowing down.

Technical Forecast for Gold (XAU/USD): Mixed

Due to falling US rates and a weaker currency, gold has had a great week of gains. To end the week, the precious metal is currently testing the psychological threshold of 1800. A third prolonged lower wick on the weekly time frame was enough to reject a move below and, instead, signal the beginning of a move higher, which led to the bullish advance. This rejection of the 1611.40 (Jan 2020) level was rather significant.

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