Good Sunday Morning. This is our first weekend market summary edition. In this edition we review gold and silver price forecasts for next Friday July 14, 2023 and provide AI generated key support and resistance price levels and market commentary.
The Gold and Silver markets had a better week and price action firmed up toward the end of week due to unexpected weakness in the payrolls report. That surprising weakness led gold and silver to rally as investors, traders, and coin dealers hope the Fed will be less hawkish with their interest rate raises.
However both the gold and silver market trends remain down and we believe that buyers will step up in the silver market now and push prices higher next week. Gold will struggle at this price level as it remains under pressure to the downside and is hitting a resistance at the $1,926 level.
Some key areas of support (green) and resistance (red) for silver are:
- Resistance at $23.83 and $25.06
- Support at $20.81
The silver price forecasting model is pointing toward a higher close for silver next week.
Some key areas of support (green) and resistance (red) for gold are:
- Resistance at $1,926.40
- Support at $1,808.80
The gold price forecasting model is pointing toward a lower close for gold next week.
Although our models point toward a higher close for Silver and a lower close for Gold next week, we expect price action to become very volatile as the June inflation report is due to be released next week. This report will likely factor into the Federal Reserve's July interest rate decision, where we expect the Fed to raise by 0.25%.
Interest rate raises tend to take the "air" out of precious metal prices and we expect more selling pressure in the gold and silver markets going into the last half of the summer.
All eyes will be on the JPOW and his press release as the markets try to glean and forecast when interest rates raises will pause and cuts will begin.