Gold & Silver Push Higher

Gold & Silver Price Analysis

GOLD Price Predictions

Gold is trying to close above $2700. If it manages to do that, then $2750 is the next target on the upside. $3000 is the ultimate target, but it may be too early for that yet and we get a correction first.

Looking at the negative divergence on the daily chart above, this does not bode well for Gold going straight up. It can still go higher to $2750 and remain negatively divergent, but it suggests a correction is coming, and it could be a deep one to as much as $2450-$2500.

The way I see it, if we get to $2750 or higher and then break back below $2700, then I would stop at $2680 because of the risk to the downside. If it turns out to be a fake breakdown, I would simply buy back in if it goes back above $2700.

Big picture, we have come a long way in Gold, and it is due a breather sooner rather than later. The risk-reward at $2750 is becoming even and likely increasingly bearish above there. Simply put, be careful getting caught up in the euphoria the higher Gold goes from here.

Gold is nowhere near the end of this bull run by any means, but in the short term, the risk is rising.

SILVER Price Forecast

Silver has been lagging Gold the whole way up. That said, this means it has more room to run to the upside going forward. However, it needs to close above $32.50 for a move up to $34-$36 next.

Failure to close above there risks a drop back down to support at $30. If $30 is broken, then we could see a drop to as low as $27.

Overall, the trend in both remains up, and until that breaks down, this bull market will continue to go higher. However, the rally in Gold especially is getting a little stretched. Remain mindful of the risks to the downside and raise your stops as the metals head higher.

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