Wednesday 30 September 2020

Rough September for Gold & Silver

The precious metals of Gold and Silver saw net September declines of -$83.10 (4.2%) to $1895.50, and -$5.10 (17.8%) to $23.49 respectively. Despite a rough month, the long term trend in gold remains bullish, with silver battling to hold above old resistance - now new support, of the 21/20s.

Gold, monthly3


Silver, monthly3



Gold: lower for a second consecutive month, printing a low of $1851.00. The July break above giant psy'2K offers a grander target of the 2400/500 zone, which appears realistic in Q1 2021.

Silver: a very severe net monthly decline, printing a low of $21.81. Old resistance of the 21/20s, will now act as new core support. M/t bullish, with next target of 35/37, which appears probably in Q1 2021.
With silver having broken above the decisive $22s this summer, the bold will now be leaning toward Silver, which should outperform gold into and across 2021.