Could Gold (XAUUSD) Decrease Below $1700? What Are Magic Numbers For Gold Price?| FXMAG.COM

Gold XAUUSD spot is close to test key support at 1,780. If Gold closes the day below 1,780 is has confirmed down trend on both daily and weekly chart and could drop to 1,670 over the summer.
To reverse this scenario a minimum requirement is to close above 1,858

Source: Saxo Group

Silver XAGUSD is falling off a cliff breaking below 20.45 thereby confirming downtrend. A trend that is likely to take Silver 0.618 retracement at around 18.39. RSI below 40 supports the bearish outlook

Source: Saxo Group

Gold/Silver XAUXAG ratio is going ballistic with no strong resistance levels in the horizon. XAUXAG is likely to reach 1.618 projection of the Triangle it broke out of about a week ago, i.e. a target of 92.95. However, it could continue further than that. If we calculate the distance from the peak to trough in the triangle and add it to the break out price we get approx.. 93.92 i.e. the 1.764 Projection

Source: Saxo Group

However, since there is no strong resistance levels XAUXAG can go higher. 95.48 is not unlikely . The ratio has even broken bullish out of the rising channel underlining the strength of the uptrend. To reverse that scenario a close below 82.30 is needed.

Source: Saxo Group

Source: Technical Update - Silver collapsing. Gold still hanging on above key support, but for how long? | Saxo Group (home.saxo)

Kim Cramer Larsson

Kim Cramer Larsson started his career in 1996 as an equities trader focusing on the US and Asian markets with BG Bank, London. In 1997, Kim relocated to BG Bank, Copenhagen (BG Bank was acquired by Danske Bank in 2000) to the position of equities trader and portfolio manager.

Kim began using technical analysis as a trading tool from 1997. In 2005, Kim was promoted to the position of technical analyst in the FX & Fixed Income Research department at Danske Bank. In his current role, Larsson focuses on technical analysis of equities, equity indexes, forex pairs, and more for Saxo Bank. Larsson’s views and analyses can be found on Saxo’s News & Research hub as well as at Saxo’s Academy where he hosts webinars focusing on chart analysis.