Gold and Silver Price Forecast: When to Buy?

Summary

Gold is currently in a downtrend, with its immediate downside target around $3,500 to $3,600, not expected overnight but potentially by late July or August. While a near-term bounce to $4,300-$4,400 is possible, the precious metal is trading too closely with stock market risk assets, suggesting speculative money needs to exit. For long-term holders, waiting for a better buy-in level, potentially around the $3,500 to $3,600 zone, is advised. Silver has support between $64 and $66. Near-term resistance is around $71-$72, with a breakdown target to $54, and a longer-term psychological level at $50. The $50 level, historically a significant high in 1980 and 2011, may see panic selling despite inflation making its fair value higher. Copper has broken a key trend line and faces resistance, suggesting a bearish bias. Platinum's buy zone is below $1,600 down to $1,500, while palladium has reached its initial buy zone. Oil is at a critical pivot point around $83-$84. A break below this could lead to a flush down to $67, where a bounce to the mid-$70s is expected for a multi-month period once the Strait of Hormuz is officially open.