Gold & Silver Market Report for Nov 14, 2020
It’s Saturday, November 14, 2020 and this is your week’s gold and silver market report.
It was a bad week for Gold and a rough week for Silver. Gold closed lower by -3.31% to $1,885.69 while Silver closed higher for week after gapping down. However, it ended up being lower from last week’s close by -4.41% to $24.75. It goes without saying but last week was very volatile for both metals.
Gold Chart
Weekly Gold Support and Resistance Chart
How quickly things change in the markets. Euphoria about the US election and the new President-Elect faded as Gold closed below it’s resistance line at $1,946.66.
Our models are showing an inflection forming in Gold’s trend that if sustained will exert downward pressure on Gold prices till the end of the year. We’re calling for a short term target of $1,800 for Gold.
Our models are forecasting a lower close for Gold next to $1,871.05.
Silver Chart
Weekly Silver Support and Resistance Chart
Another volatile week for Silver with it gapping lower at the beginning of the week. Silver managed to recover but ended up closing down anyway. A new support line was generated by our models at the $25.07 level.
Our trend models are showing a larger inflection point for Silver and we are calling for a short term target range of $17 to $18 for Silver. We believe that there is growing price pressure to the downside for this metal till the end of the year.
Our models are forecasting a lower close for Silver next week to $24.14.
Gold to Silver Ratio Chart
Weekly Silver Support and Resistance Chart
The Gold to Silver ratio closed slightly higher last week to 76.16, which was in line with our higher forecast prediction from last week. The trend for this ratio appears to have inflected and is point to higher ratios. This could mean more volatility and lower prices for silver ahead.
The gold to silver ratio is forecast to close higher to 76.98 next week.