Gold Price & Silver Forecast – XAU, XAG May Put Rally to the Test


Gold Price Technical Outlook:Neutral to Bearish

  • Gold rally could stall and be put to the take a look at
  • Major horizontal degree helped by confluent trend-line

Gold Price & Silver Forecast – XAU, XAG May Weaken in Days Ahead

Gold (XAU/USD) has proven some good energy lately because it comes off assist created through a few lows shaped throughout 2021. The 1687/76 space is wanting like a superb ground for now, however the bounce could also be put to the take a look at this coming week.

A take a look at could be a superb factor given that every one rallies have typically failed since topping in the early a part of the 12 months. If we see delicate, short-lived weak spot it might point out that certainly we’re seeing a change in conduct after hitting significant long-term assist.

There is a trend-line forming off the current lows that’s close to confluence with a minor swing-high at 1739. This could be a great place to see XAU maintain for one more flip larger. If we see that degree break and worth sink an excessive amount of additional we’ll want to take into account that at the least a retest of long-term assist (or worse) is in the works.

On the top-side, resistance clocks in at trend-lines from April and the March document excessive, together with a pair of lows round the 1787 mark.

Gold (XAU/USD) Price Daily Chart

Gold Chart by TradingView

Post-fed, silver (XAG/USD) launched out of a small wedge sample. This despatched worth above a trend-line from April and has it nearing an vital swing-low created in May. Like gold, it will be good to see the bounce examined and maintain if we’re to see a bigger rally develop.

As far as assist ranges to watch it’s a little much less clear in silver than it’s in gold. Resistance clocks in at 20.43.

Silver (XAG/USD) Price Daily Chart

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Silver Chart by TradingView

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—Written by Paul Robinson, Market Analyst

You can comply with Paul on Twitter at@PaulRobinsonFX

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