Gold and Silver Technical Forecast: Recent Gains at Risk as Price Action Hints at Further Downside

Gold and Silver Technical Forecast: Gold started the week in buoyant mood before finding resistance at the $1786 level just shy of the August highs resting above the $1800 handle. The precious metal has since entered a phase of consolidation as hawkish rhetoric from Federal Reserve policymakers and caution around the US dollar has capped any significant moves in either direction.

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Silver Relative Strength is Intriguing

Spot silver is holding up quite well compared to gold and other markets for that matter, as the dollar has been a big problem for most assets. The short-term silver chart shows a nice consolidation pattern after a big move higher. It is starting to come out of that pattern with 20 as the next big level to cross. A breakdown below 19.04 will likely have silver following suit with other markets to the downside. For the full set of details watch the above video.

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