Gold and silver approach critical technical juncture

Vijay Valecha, Mon, June 22, 2026 Khaleej Times

Gold and silver are entering a pivotal phase as both precious metals approach historically significant technical levels that could shape the next stage of their long-term trajectories, analysts say.

While structural fundamentals remain supportive, investors are increasingly weighing whether current weakness presents a buying opportunity or signals the potential for further downside.

Spot gold was down 2.2 per cent at $4,099.84 per ounce, as of 0753 GMT. US gold futures for August delivery fell 2 per cent to $4,117.70. Spot silver slumped 5 per cent to $61.90 per ounce, according to Reuters data.

On the other hand, J.P. Morgan Global Research forecasts prices per ounce to average $6,000/oz by the final quarter of 2026, rising toward $6,300/oz by the end of 2027. Yet Greg Shearer, head of Base & Precious Metals at J.P. Morgan, acknowledges that recent investor interest has declined.

Silver is facing similar challenges. A sustained break below the yearly low near $61 could expose the long-term breakout zone around $50—an area of considerable historical significance that served as major resistance for much of the period since the 1980s and could once again attract long-term investors seeking value.

Naturally, investors are increasingly asking whether the recent drawdown represents another opportunity to accumulate precious metals. The answer largely depends on investment horizon and risk tolerance.

Vijay Valecha, Chief Investment Officer, Century Financial expects bearish momentum to continue in the coming weeks, with selling opportunities arising at every rise.

"Gold does not yield interest. If a market sell-off coincides with rising central bank interest rates, investors tend to pivot toward yield-bearing assets, triggering a sell-off in precious metals. From a technical stance, gold reversed after missing our resistance level by about $5. Looking ahead, gold is trading at the previous swing low at $4,115-$4,117. A break below this level supports a bearish targeting $4,050. On the other hand, the $4,020 recovery supports the bulls, with targets reaching $4,175," Valecha said.

Khaleej Times