Gold, Silver Price Forecast: Key Supports Broken as US Dollar Strengthens
The gold and silver price forecast for the rest of the year has been broken down into three separate sections. The first section is the one covering the most immediate market events that could affect the price. This includes any events or announcements that would impact the gold and silver market.
These include any announcements or events that may affect the market by cutting supply, such as those relating to the World Gold Council’s statement that it was considering reducing its production by a third. In addition, the United States announced it was putting its plans to allow the export of gold from the New York market on hold.
The second section covers the key supports that are in place for the gold and silver market. This includes the strong support for the US dollar, which is currently holding strong against all major currencies.
The third section of the forecast is one which focuses on key supports that may be broken. This involves looking at events and announcements which could weaken one of the key support levels. If this happens, then it could lead to a significant weakening in the gold and silver price forecast. This includes events such as the collapse of a large gold ETF, which would have been able to provide an attractive trading platform for traders.
This is because the silver price forecast has been weakened by the announcement. This was in turn caused by the weakening of the dollar against all major currencies.
The fourth section of the forecast covers what impact the weak dollar will have on the market. This involves looking at events and announcements that may cause the market to shift away from the weak dollar and back towards the stronger.
If this were to happen then it would put pressure on the gold and silver price forecast. This includes the news that China was about to begin buying gold again in what is likely to be a massive increase.
This means that the market should move against the weaker dollar and support the stronger dollar. which is causing the weakening of the gold and silver price forecast.
Another news event which could weaken the forecast is the release of the Federal Reserve minutes on Tuesday. This was announced at the end of the last week and contained a number of announcements relating to the state of the economy and how the Fed planned to respond to it. However, one news event which did not receive much attention was the announcement from the Chinese authorities that it was considering limiting the amount of gold that it would buy for its citizens.
This was confirmed following the central bank’s policy of keeping the value of its currency down against major currencies. which had previously increased. It had also made a surprise announcement earlier in March, when it had stopped selling gold to investors to increase its reserves.
As a result, it has weakened the gold and silver price forecast. which meant it was unlikely to move in the opposite direction.
It is important to remember that these two news events were issued in the context of the global economic situation. The US economy continues to struggle as the weak dollar makes its way into the economy from other countries, and as the weakness leads to reduced demand for goods and services from other countries. On top of that, the market for precious metals is affected by the weakening dollar.
If both of these news events were to occur in the same week, it is unlikely to affect the forecast much in the short term. However, if they were to occur simultaneously, they would result in one of the key supports being broken.