Gold and silver are under pressure: Newsbit analyst sees it gloomy in

Precious metals have been under considerable pressure in recent weeks. Gold has fallen below the $4,000 mark and silver has fallen back to $50. What does this say about sentiment, and what can we expect for the coming months? Time for technical analyst Erik Juffermans of Newsbit to dive into the charts.

First, the gold price. After an all-time high of over $5,500 in January, gold is now trading below $4,000. This means that the precious metal notes a lower low.

There is no new rally technically yet, and the recent bounce to over $4,600 was only an increase within a broader correction.

For the bulls, it is now important to set a weekly lock above $4,000. If this does not work, Juffermans looks further down. In the long term, he sees clear support in the zone around 3,400 and 3,500 dollars. This zone could be a price target if the pressure continues.

However, if we see a resurgence and that weekly lock above $4,000, then $4,500 comes back into the picture at the top.

Silver is even more volatile than gold. After peaking at over $120, silver is now trading at $50, down almost 60 percent.

The current zone between $50 and $45 is a clear level of support. According to Juffermans, there may be a bounce from this zone, but in principle the trend remains bearish.

We must also pay attention to the price of gold. Silver follows gold. Should we see the bearish scenario in the coming months in which gold moves towards $3,400, silver could sink even further.

The analyst has focused on the zone between 35 and 30 dollars for the long term, although this seems to be an extreme price target for the time being. In the short term, the zone appears to have strong support between $45 and $50.