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Precious Metals Forecast: Silver and Gold Looking Bullish

  • Silver is outperforming Gold, so traders should be more confident of being long of Silver than of Gold.
  • The best new trade opportunities which might set up today will be a long trade in Silver above the $28.80 area or in Gold from support at either $2355 or $2336.
  • Stock markets are mostly bullish, which is probably good news for further rises in Gold and Silver.

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    Gold (XAU/USD): Technical Analysis

    The price chart below Gold is well established within a long-term bullish trend. Bulls still need caution as the price is not trading in blue sky and may still hit resistance. However, we have continued to see bullish price action over recent days, and the price is approaching and not far from the recent significant swing high at $2378.

    A few hours ago, the price seems to have based off the support level at $2355.06. The price looks quite likely to rise higher and it could well reach or exceed $2378 today.

    There will be a release of highly important US CPI data later today which will likely cause market volatility. If the CPI number is weak for the US Dollar, we can expect Gold to rise higher, and vice versa.

    Gold (XAU/USD) Hourly Price Chart 15/05

    Key Support Levels:

    • $2355
    • $2336

    Key Resistance Levels:

    • $2400
    • $2431

    Silver (XAG/USD): Technical Analysis

    The price chart below shows that Silver is well established within a long-term bullish trend. Recent hours have seen the price continue to rise bullishly and get very close to the recent swing high. It is notable that the price action here in Silver looks more bullish than what is happening in Gold, suggesting that a long trade today in Gold may work out better than one in Silver.

    A problem for bulls is that we are starting to see signs that the bullish momentum is fading over the short term, as the price gets nearer to the $28.80 area.

    A long trade here in Silver could be a great idea if we get a breakout beyond $28.80 with strong short-term momentum. This will probably not happen until after the US CPI data release.

    Traders who prefer to buy at bounces on support after dips will likely struggle here because the nearest support level is quite a way lower, at $28.02.

    Silver (XAG/USD) Hourly Price Chart 15/05

    Key Support Levels:

    • $28.02
    • $27.73
    • $27.47
    • $27.00

    Key Resistance Levels:

    • $29.00
    • $29.80
    • $30.00

    Ready to trade our precious metal price forecast? Check out our list of the best Gold brokers and the best Silver brokers worth trading with. 

    Adam Lemon
    About Adam Lemon

    Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


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