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Technical Update - Gold broken key support. Silver dropping like a stone. How low can they go?

Commodities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Gold XAUUSD spot closed yesterday below key support at $1,780 there by confirming down trend on both short- and medium term. A down trend that is likely to take Gold down to 1,670. Support at 1,721.
RSI on daily is touching the RSI low in May where market bounced. We could see a similar scenario this time where Gold will try to get back above the 1,780. However, the down trend seems strong so it will most likely just be a brief pullback above the now resistance.

xauusd d 6jul
Source: Saxo Group
xauusd w 6jul
Source: Saxo Group

Silver XAGUSD broke its key support two weeks ago and is now trading below its 200 weekly SMA. Some support could be seen at the 0.618 retracement at 18.36 and at around 16.95.

XAGUSD w d 6 jul
Source: Saxo Group

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