Gold & Silver Market Report for Dec 5, 2020

It’s Saturday, December 5, 2020 and this is your week’s gold and silver market report. Gold and Silver prices rebounded this week after a severe beating last week. However, all trends are now moving down now and we expect prices to generally drift lower till the end of the year.
Gold closed higher for the week to $1,835.90, a gain of +1.67%. Silver also closed higher to $24.20, up +3.64%.
Gold Chart
Note: Red lines are key resistance, Green lines are key support
Gold closed above the physiological $1,800 barrier this week which is good news for the short term. Our models show that Gold is expected to find some support at these levels and is forecast to close higher to $1,848.35. However, the trend analysis for Gold is showing a slight downward slope. We expect Gold price to drift between the $1,750 to $1,875 levels till the end of the year.
Silver Chart
Note: Red lines are key resistance, Green lines are key support
Silver had a better week as it rebounded to the $24 level. It is still well short of the $30 where many Silverbugs are trapped. We expect more volatility in Silver as more Silverbugs are flushed out and start to sell. Our models show that Silver is expected to close slight higher to flat to the $24.29 level. If there any violent breaks to the downside for Silver in the coming weeks, look for support around the $18 level.
Gold to Silver Ratio Chart
Note: Red lines are key resistance, Green lines are key support
As forecast, the Gold to Silver ratio closed higher to 75.85 this week. The overall trend is point toward higher Gold to Silver ratios for the coming weeks and our models are forecasting a slightly lower close to the 78.58 level. This makes sense as both metals rebounded this week. Expect the ratio to climb higher if there is any unusual volatility in Silver in the coming weeks.