Gold price and silver price predictions for the coming days

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Gold/Silver Technical Outlook:

  • Gold tumbles after sharp pullback, but can it keep going?
  • Silver has held up better than gold and could continue to lead

Earlier in the month, gold peaked and reversed just below the all-time high of 2075, casting doubt on the uptrend. But overall, the long-term trend remains trending up and it will take a little more downside to break the trend.

With that in mind, the general forces appear to be in favor of higher prices, but how long will that take to materialize? The bottom of the recent decline developed around the June 2021 high, with a sharp reversal day after the breakout.

The recent low at 1895 will be used as a short to medium term guide. Right now, on the higher side, gold is struggling with a pair of 2020-2021 highs. We saw a strong upward reversal on March 11 around these levels. This reversal day has validated the short-term impact of these levels for over a year.

A period of digestion between support and resistance may be needed before gold can sprout legs. A clean break above 1965 should tend to reassert itself truly toward record highs.

Gold daily chart

Gold chart by TradingView

Silver is holding firmer than gold and could be ready to lead the way higher. So far we have seen silver hold at the highest since January. The low from the beginning of the month at 24.47 will be the line in the sand on the downside. More horizontal work can do some good here, with an eventual break above 26.94 needed to really lift things up. Staying within the confines of the string dating back to the start of this year will also be essential.

Silver Daily Chart

silver daily chart

Silver Chart by TradingView

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—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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