Gold, Silver, Platinum Forecasts – Gold Retreats Amid Broad Sell-Off in Precious Metals Market

Gold has broken through general directional tendency support and has nothing standing between current price and overall global support other than miles of empty space.

silver and gold.png


Silver has broken through my Level I support and is already sitting at Level II support. Hence, there seem to be extra strong bearish influences at work which would recommend my shorting them both. Unfortunately, I'm unable to do so since they could turn north at any moment, necessitating my monitoring them hour by hour, which I am unable to do given that these are the hours in which I sleep.
 
expiated said:
Silver has now reached a horizontal support level on the daily charts.
More...
Silver just triggered a buy signal, though I have to wonder how much energy is still left in the market at this late hour in the week to really push its price any higher?
XAGUSDM5.png

Plus, this was an aggressive entry in that the trigger has yet to be validated by my confirmation indicator.
 
Last edited:
expiated said:
Silver just triggered a buy signal, though I have to wonder how much energy is still left in the market at this late hour in the week to really push its price any higher?
More...
I don't really care to sit around all morning waiting to see how this plays out, so I locked in a little bit of profit while it was available...
Screenshot_5.png
 
expiated said:
Will silver bounce off this support level cited on Friday?
More...
Presently, silver is a buy candidate between 28.713 and 28.829 on my charts. If it crosses above 29.351, it becomes full-on bullish. On the other hand, if a daily candle closes below 28.713, I'll have to entertain the strong possibility that the precious metal is continuing the downward trajectory it initiated on July 17th.

XAGUSDM15.png
 
Gold's previous global sentiment has switched from bullish to neutral. However, price is much closer to the new support than it is to the new resistance, so I'm hoping to see the asset climb significantly before it registers a major bearish reversal.

XAUUSDH4.png
 
expiated said:
Gold's previous global sentiment has switched from bullish to neutral. However, price is much closer to the new support than it is to the new resistance, so I'm hoping to see the asset climb significantly before it registers a major bearish reversal.
More...
I had to exit my gold position while some of the gains were still available...

Screenshot_5.png


...and at this point, price has broken all but one of the three support levels printed on my forecast model, returning the asset yet again to a bearish disposition...

XAUUSDH4.png
 
Last edited:
Gold just tagged my super support level, so I will be very curious to see what the asset does now!

XAUUSDDailyChart.png


(There is a very obvious horizontal support level down in the 2284.52 neighborhood.)
 
My global bias/sentiment has now turned bearish, with gold currently "riding" my "super support" lower trend line south...

XAUUSDH1.png
 
You must log in or register to reply here.
Back
Top