Both Gold and Silver turned into sideway trading after steep selloff last week, on the back on stronger Dollar and weak commodity prices in general. There is no sign of a sustainable bounce in both and they’re vulnerable to another selloff soon.
For gold, risk will stay heavily on the downside as long as 1772.66 minor resistance holds. Current decline from 2070.06 is seen as the third leg of the sideway pattern from 2074.84 (2020 high). Further fall is likely towards 1682.60 support, which is close to 38.2% retracement of 1046.27 (2015 low) to 2074.84 at 1681.92. Strong support should be seen there to bring rebound.
Similarly, risk stays heavily on the downside in Silver as long as 20.19 minor resistance holds. Current down trend from 30.07 (2021 high) should target 100% projection of 30.07 to 21.41 from 26.93 at 18.27. Some support could be seen there to bring rebound. But sustained break there will pave the way to 138.2% projection at 14.96.
