GOLD (XAUUSD)
Gold experienced a smooth downwards movement in July - consolidating for about two weeks from the beginning of August before breaking upward last week, consolidating again at the end of last week and breaking northwards again this week… a particularly interesting outcome, as Gold was expected to rally (which is now happening) and that may continue - in spite of consolidations and transient corrections. As long as the support levels at 1110.00 and 1100.00 are not breached, this forecast will remain valid. Price has made decent gains already, and more may materialise as this bullish signal has the potential to hold out until the middle of November - perhaps even beyond.
SILVER (XAGUSD)
Over the last month or so, the movement on Silver has been quite similar to Gold. Price went up significantly last week, then corrected at the beginning of this week, but has gone upwards again. All indications are bullish, and there are noteworthy demand levels at 15.0000 and 14.5000 that will try to resist further bearish corrections. Just like Gold, Silver may continue to rally until November, and bulls may find themselves aided further by the Thanksgiving effect during that month.
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