This week, gold opened up a bearish outlook, and is currently threatening to extend it into the medium-term. Silver has already been bearish in the medium-term, and continues to do so, with the 2014-low in sight. Let’s take a look at the charts of these two metals.
Gold took another step toward the bearish outlook this week when it fell below the 200-day Simple Moving Average (SMA). It still has to break below a triangle support and some common lows to open up the bearish outlook to the medium-term and expose the 1240 pivot as well as the 2014-low around 1183. Silver is extending is bearish trend within a falling channel. Price looks poised to descend toward the 2014-low around 18.64. Only a break above 20.50 should introduce a bullish outlook, which would still be within 2014’s sideways mode.
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