Metals: Gold and Silver view for next month

Hello traders,

I will speak briefly about two metals Gold and Silver and write my trade recommendations for both according to my chart analysis.


Looks like correction from 639 low is over or near it’s end. And we might see the market turn down again towards 630 and 620 levels. The daily view is also supported by a bearish close in the weekly and monthly charts. With MACD still positive on the weekly chart but turning down. A longterm stochastic cross suggests the view as well.

Failure to break through 693 managed a couple of tops that Gold couldn’t break. They are 693, 673, 661 respectively. I think Gold is turning down soon after this bounce towards 630 usd where decent buying could be seen to resume its uptrend. However this is not guaranteed with weekly chart still in fresh bearish state. Look 1 W chart with Heikin Ashi candles, I think the downside is not over yet.

Trade Recommendation
Sell XAU/USD at market price with targets at 637, 633, 620
Add to your shorts until 662 and stoploss over 662


Silver is certainly more bearish than Gold. With weekly chart Heikin Ashi candle formattion giving us a clue for downward movement in box with silver violating support already there is no surprise that we see levels such as 12.03, 11.50 in next month.

Trade Recommendation
Sell XAG/USD at market price with targets 12.03, 11.93, 11.55
Add to your shorts if this bounce continue little more, I have confidence it’s going to break thru 12.00 towards 11.00 level.

I feel the bounce up in Silver is slower than usual, it is going up but in slow motion, and I feel the market could be in for a U-turn after this bounce is over.

We would need to see a sharp move accelerating thru 13.00 to call this downtrend is over. However I still expect renewed weakness targets below 12.00 towards 11.00 and 10.00 levels

The same apply for Gold, as long as it holds below 660 levels.

While you are talking about Precious Metals and not necesrily Forex, I do note though that thanks to the bearish outlook of Gold and the sort of bullish gains of the greenback, I feel selling the AUD/USD pair would net in some pretty good pips.

Gold is slow, but Silver managed to hit one of targets 11.00 the next downside extension should target 10usd.