On the heels of the price of gold breaking decisively below $1,900 and silver tumbling toward the $23 level, here is a look at weighing on gold, gold and silver price objectives, plus don’t worry, silver bull just getting started.
Weighing On Gold
September 23 (King World News) – Lawrence McDonald, Former Head of Macro Strategy Société Générale: “Pushing US Dollar Index higher – with a 1.26 handle the UK Pound is now lowest level since July on Pandemic and Brexit uncertainty, trading below its 200 day. Gold down at $1875, dollar countertrend surge is wearing large impact.”
Gold & Silver Price Objectives
Graddhy out of Sweden: “As said 3 months back, correlation between precious metals/US dollar is back. Silver and gold will probably not bottom until US dollar tops for its Intermediate Cycle High. Gold/Silver 30 year ratio is backtesting, but still think we have a 2-4 weeks (final) Intermediate Cycle decline in front of us. Said many weeks ago Price Objectives are $1810 for gold and $22 for silver.”…
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Levels Of Support
John Hardy, Head of FX Strategy at Saxo Bank: Spot Gold & Spot Silver – remain challenged by renewed dollar strength which stepped up a gear overnight with EURUSD breaking below €1.1700. Cushioning the impact are steadier stocks after Fed Chair Powell said the U.S. economy will likely need further support. The short-term technical outlook has deteriorated and below the August low at $1863/oz, the market will be focusing on $1837/oz, the 38.2% retracement of the March to August rally. Silver continues to get slammed with the Gold/Silver ratio rising to 80 with the next levels of support in Silver being $23.45/oz and $22.90/oz. Gold is currently 40 dollars away from relative safety above $1920/oz.
Don’t Worry, Silver Bull Just Getting Started
Stefano Bottaioli: If you look at the very long-term picture, this decline in silver is really a marginal event. Everything indicates that the targets are much, much higher (see chart below).
50-Year Chart Shows Massive Multi-Decade Cup & Handle Formation On Silver, Illustrating This Decline In Silver Is A Marginal Event As Bullish Targets Are Much, Much Higher!
Something Sinister Going On In The Stock Market
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Billionaire Ross Beaty, Chairman of Pan American Silver!
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