Silver, Gold Forcast for Next Week: BULLISH

• Last summer Gold prices went into an aggressive bullish breakout, eventually setting a fresh all-time-high in early-August.
• Since then, however, Gold bulls have been on their back feet as prices have spent most of the past six months in varying forms of digestion.
• More recently, Silver prices have been getting the attention from metals bulls, along with the Reddit crowd which has helped to prod the bid throughout this week.

When investors look to hedge against governments or monetary policy or even just the prospect of fiat debasement, they’ve long looked to the most precious of precious metals to hold as a store of value. I’m of course talking about Gold, and its role in economics spans back for pretty much as long as we’ve followed economics. This helps to explain Gold price action from last summer when prices were flying higher in response to the Fed’s actions devised to offset slowdowns from the coronavirus pandemic. Gold prices began to surge in June and by August, prices had jumped up to a fresh all-time high of $2,075. But that’s when the proverbial music stopped in the breakout; price action began to digest and here we are almost six months later and bulls remain in wait.

Silver prices, however, have received a recent shot-in-the-arm, and with some help from the same Reddit crowd that roiled many equities this week put in a strong topside breakout up to a fresh 2021 high. I wrote about this on Thursday, highlighting the deeper breakout potential that remained in the matter, and that theme continued through Friday trade with Silver prices jumping up to test trendline resistance.

Gold Signals Service