(MENAFN- DailyFX) Gold Price Technical Outlook:Neutral to Bearish
- Gold pullback a retracement or beginning of renewed trend lower?
- Momentum is quite strong and hints at more selling
- Dollar strength hitting precious metals
Gold Price & Silver Forecast – XAU/USD, XAG/USD Not looking Too Good
Gold (XAU/USD ) has been sliding for days now with the turn higher in the USD, and with the dollar looking the way it does (bullish) it may be more tough sledding for precious metals. We could see a near-term reprieve, but right now that is looking like it will become an opportunity for sellers.
Gold will need to show some grit here very soon and turn back towards the recent high at ~1808 and climb above it to put the breakout from the channel back in play. With that said, the channel line is about to get tested as support, so if gold is going to turn this down-move into a retracement then this would be a good time to do-so.
For now, watching how a countertrend move unfolds to determine whether more weakness could be in the cards. The thinking is more weakness after perhaps a small bounce, and on that test big support down just under 1680.
Gold (XAU/USD) Price Daily Chart
Gold Chart by TradingView
Silver (XAG/USD) is getting hammered right now with the 18.12 low looking more and more like it will get hit and possibly exceeded. This is not the price action of a market just retracing, but rather one that is amidst a new leg lower.
Silver (XAG/USD) Price 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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