Silver and Gold | Short-term and long-term targets

OANDA:XAUUSD   Gold Spot / U.S. Dollar

The past two weeks' price action suggests that we can expect the correction to continue in June for Silver and Gold. After last week's NFP and unemployment rates, the expectation for rate cuts has been pushed a bit further to the last quarter of 2024 which fueled dollar to maintain its strength. On the other hand, if you take a look at the seasonality of Gold and Silver you will notice that June is usually the month for Gold to rest a bit and for Silver to show some correction.

So, In the short term, I would like to see lower prices on silver and gold and personally, I might add some more to my positions. The following are the areas for Silver and Gold which I consider as discount prices if as a long-term investor.

Silver: $27.5 - $28 is a good discount area for silver. But it doesn't mean it would definitely reach this area. I expect another rally from July with a target of $33.6 to $36.4 area.

Gold: $2190 - $2230 is the area that I believe gold will see in the near future. Then we might see another leg up on gold to hit the $2580 - $2650 area.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.