Gold & Silver Market Report for Nov 21, 2020
It’s Saturday, November 21, 2020 and this is your week’s gold and silver market report.
The hits keep coming for Gold and Silver as both closed lower this week. Gold dropped to $1,872.59 for a loss of -0.69%. Silver dropped to $24.34 for a loss of -1.65%.
Gold Chart
Weekly Gold Support and Resistance Chart
Gold prices closed in a fairly tight range this week with buying and selling pressure seeking to establish dominance. Our models show that Gold’s trend has found an inflection point. All signs are pointing to lower Gold prices in the near future. Further, our models are forecasting a lower close for Gold next week to $1,868.25.
Silver Chart
Weekly Silver Support and Resistance Chart
Silver also closed in a tight range as well. The upward trend has reached an inflection point and we see Silver prices moving lower in the short term. Our models point to lower close for Silver next week to $24.15
Gold to Silver Ratio Chart
Weekly Silver Support and Resistance Chart
The Gold to Silver ratio ended higher to 76.90 from last week. This is due to Gold’s narrow trading range and Silver dropping relatively more in price. Our models forecast a higher close to the Gold to Silver ratio for next week to 77.06.