Gold and Silver Technical Reports: Is Trend Reversal Afoot in XAU/USD and XAG/USD?

GOLD TECHNICAL FORECAST – BEARISH

The lack of follow-through price action in spot gold after last week’s break below vital horizontal trendline support at 1676 (coinciding with the 200-week moving average) raises some doubts about the reliability of the bearish signal. However, stalling after the break is not a sufficienton its own to conclude that the move was a false one – it could well imply a lag. While the yellow metal holds below 1676, the follow-through decline could occur next week or in due course.

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Gold and Silver Technical Outlook [17-09-2022]

GOLD TECHNICAL FORECAST – BEARISH

Spot gold is testing crucial technical support, a break below which could point to further weakness in coming months. It is attempting to break below key horizontal trendline support at 1,676, coinciding with the 200-week moving average. Although it closed below the support on Thursday, given the significance of the support and the number of times it has been tested since 2021, it might be prudent to wait for two weekly closes below the support before concluding Thursday’s move as a valid break.

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