Gold and Silver Forecast August 20, 2020

by birtanpublished on September 2, 2020

from daily forex this is chris taking a look at gold and silver gold markets have formed a rather ugly candlestick and now i'm launching right here

In 1900 where the 50-day ema comes in if we break below that then the market more than likely goes looking towards 1800 where we will see more structural support really the problem i have is the us

Dollar is oversold so it makes sense that it would strengthen and work against the value of um precious metals in general however when you look at the real bodies of the candlesticks

The last three biggest ones have all been negative and that's a big warning sign so while i'm not ready to short this market yet i want to see how it reacts down here so definitely a bit of caution silver

Pretty much the same thing and so much as this is the biggest candlestick this was a a reasonable one so was this one but we also have candlesticks counter balancing over here

So at this point i feel that is probably going to have more buyers uh once we pull back to support which i see as 26 to 25 if we break above the highs of the day though then i think we go looking

Towards 30. no interest in selling either one of these yet don't don't get me wrong but there are some red flags popping up in gold

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