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Gold, Silver Prices Reach for Resistance

Gold, Silver Prices Reach for Resistance

Michael Boutros, Strategist

Talking Points

Gold Daily

Gold Daily Chart

Technical Outlook:Gold prices rebounded off a key support zone noted earlier this month with the rally now approaching near-term resistance at the confluence of the monthly open and the upper median-line parallel extending off yearly high at ~1267/70. Note that daily momentum has also continued to struggle below the 60-threshold and IF this rebound is corrective, should cap the near-term rally.

Bottom line: the immediate advance is vulnerable below this threshold and we’ll be on the lookout for a possible exhaustion pullback. Ultimately the trade remains constructive while above 1241 with a breach here targeting more significant resistance into 1278 (breakout level).

Gold, Silver Prices Reach for Resistance
  • A summary of IG Client Sentimentshows traders are net-long Gold - the ratio stands at +3.2 (76.2% of traders are long)- bearishreading
  • Long positions are 2.7% higher than yesterday but 7.2% lower from last week
  • Short positions are 1.8% higher than yesterday and a full 40.1% higher from last week
  • Despite the fact that sentiment continues to point lower, the marked increase in short exposure highlights the breakout potential here- especially as prices approach key near-term structural resistance. That said, we’ll be on the lookout for near-term exhaustion up here with the immediate long-bias at risk heading into monthly open at 1267/70.

See how shifts in Gold retail positioning are effecting market trend- Click here to learn more about IG Client Sentiment indicators!

Silver Daily

Silver Daily Chart

Technical Outlook: Silver has already cleared its monthly open with the rally now extending into the 50% retracement of the April decline at 17.36. Note that these divergences (silver taking out its monthly high while gold holds) are often times warning signs of near-term exhaustion. That said, again here the immediate long-bias is at risk while below his threshold but the broader focus remains weighted to the topside while above 16.85. A breach higher targets the 200-day moving average backed closely by confluence resistance into the 61.8% retracement at 17.66.

Gold, Silver Prices Reach for Resistance
  • A summary of IG Client Sentimentshows traders are net-long Silver- the ratio stands at +8.86 (89.9% of traders are long)- bearish reading
  • Long positions are 1.4% lower than yesterday and 9.4% lower from last week
  • Short positions are 9.4% lower than yesterday but 0.8% higher from last week
  • Retail has been long silver for some time now but it’s worth noting that this recent pullback from extremes in sentiment was accompanied by a strong push higher in price. That said, look for a further reduction in net-long positioning to offer further conviction on a breakout above 17.36.


Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.