Gold And Silver Price Forecast: Nov 18, 2020

Published 11/18/2020, 04:14 AM
Updated 07/09/2023, 06:31 AM

Gold meets strong resistance at 1896/1899. A break above 1901 however targets 1907/08, perhaps as far as 1916/18,. Further gains meet resistance at 1921/23.

Shorts at 1896/1899 target 1886/84 and minor support at 1879/75 (& we bottomed exactly here yesterday). If we continue lower look for 1868/66, perhaps as far as 1860/58 and 1855. A break below support at the September low at 1848/47 is a sell signal initially targeting 1835.

Silver topped exactly at minor resistance at 2480/90 but above here retests yesterday’s high at 2805. A break higher targets 2517/19, perhaps as far as resistance at 2530/33.

Best support at 2535/25 being test overnight. Longs need stops below 2515. A break lower is a sell signal targeting 2390/85 & perhaps as far as last week’s low at 2360/55.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

XAU Chart

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