ON WATCH Spot Gold and Spot Silver analysis

Spot Gold and Spot Silver price action

Time Frame : Daily Charts

Spot Gold and Spot Silver are finding the limelight at the moment with many predicting big things to come for both the precious metals. Gold has recently pushed up to the 1872 zone in what we feel is a significant move from the bulls hinting at what may be to come. The daily down trending channel to us is now broken but gold may need to flush some buyers out first before convincing bears that they are on the wrong side of the action. This will also get some shorts stacked up to kick off a move up. Spot Silver is much the same with higher lows holding and bulls set to break into new highs. Price recently flushed the 28.32 level and could be weakness coming into the action but we would argue that price, like gold, may need to drag in some sellers to launch the rally. Both are based on the potential for the USD to continue to be sold lower and potentially as a traditional hedge against inflation.

Commodity : Spot Gold

Current Price Spot XAUUSD : 1763

Status : On watch for further upside

Spot Gold

Spot Silver

Commodity : Spot Silver

Current Price Spot XAGUSD : 27.96

Status : On watch for further upside