Sunday 1 November 2020

Mixed month

The precious metals of Gold and Silver saw net October changes of -$15.60 (0.8%) to $1879.90, and +$0.15 (0.6%) to $23.65 respectively. The mid term trend in gold remains bullish, with silver battling to hold above old resistance - now new support, of the 21/20s.

Gold, monthly1b


Silver, monthly1b



Gold: lower for a third consecutive month, printing a low of $1859.20. The July break above giant psy'2K offers a grander target of the 2400/500 zone, which still appears realistic in Q1 2021.

Silver: a month of chop, printing a low of $22.62, but settling moderately higher. Old resistance of the 21/20s, will now act as new core support. M/t bullish, with next target of 35/37, which appears realistic 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.