Gold & Silver Market Report for Nov 28, 2020Market Report Gold Silver
It’s Saturday, November 28, 2020 and this is your week’s gold and silver market report.
Gold and Silver prices were clobbered this holiday week as more money poured out of the metals and into Stocks.
Gold closed lower for the week to $1,788.09, down a whopping -4.51%. Silver took a nosedive down to $22.63, down -7.06%.
The run ups in prices appear to be over with many Silverbugs trapped at higher prices. We expect downward price pressures to remain through the end of the year as weak hands get flushed out.
We are reviewing the data and expect to revise our long term targets for Gold and Silver by the end of the year.
Gold broke through the physiological $1,800 barrier this week with enormous selling pressure. The up trend for this metal is now broken with an acceleration to the down trend forming. Our models show that Gold might find some some support at these levels but with a new down trend forming, we expect lower prices for Gold through the end of the year. Our models are forecasting a slight higher close for Gold next week to the $1,811.48 level.
Silver got clobbered this week with a lot of Silverbugs trapped above the $25 level. We expect a flushout of the weak hands in Silver with more price pressure to the downside. That’s not to say that Silver can have a volatile up week, in fact our models show a slight higher close for Silver next week to $23.33, but the up trend is now broken. Some interim support levels for Silver is around the $18 level. Expect more volatility in this metal through the end of the year.
Gold to Silver Ratio Chart
The Gold to Silver ratio closed higher to 78.98 this week, in line with our directional prediction from last week. The downtrend in the Gold to Silver ratio is broken and a new up trend is forming. The ratio is expected to climb over the next we weeks as Silver is predicted to sell off. Our models are pointing to a slight lower close next week for the ratio to 77.76.