The gold and silver space are looking headed down, and the only question is how much lower they want to go. As per our latest gold forecast 2021, as well as recently published silver forecast 2021 both metals will do well in 2021. However, we clearly said not in the first part of the year. And our forecast is proven right with gold and silver moving lower now going into 2021.
Gold is the leading indicator for the entire precious metals space.
Gold’s chart looks tired. The realy breakdown started on Friday, last Friday, and will take time to recover.
Our price next price target for gold is 1785 USD/oz.
Watch out below, in case this level does not hold we will be looking at 1700 USD approx (slightly lower may be the end of selling), but only if the purple box on this first chart does not provide sufficient support.
Silver looks, surprisingly, more constructive.
We believe silver is holding up rather well, compared to the more ugly setup in gold.
We expect the 22 to 23 are to hold. But the same remark applies here as with gold: watch out below if the purple box does not hold.
