We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
More View more
Real Time News
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/f4y1FOOZnM #tradingstyle https://t.co/x5HgYopWc5
  • The USD may rise if the FOMC re-affirms its data-dependent approach and cools 2020 rate cut bets. US retail sales and CPI data may also give the Fed impetus to hold rates. Get your $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
  • What tools does the ECB have left to stimulate the Eurozone? Where is the #Euro heading? Find out from Chief Eurozone Economist at Pantheon Macroeconomics Claus Vistesen only on Trading Global Markets Decoded #podcast hosted by @MartinSEssex here:https://t.co/Twr44cZ1GB https://t.co/DXlDH5Cp9e
  • The price of oil extends the advance from the October low as #OPEC and its allies pledge to take additional steps to balance the energy market. Get your crude #oil market update from @DavidJSong here: https://t.co/llGq8yPFH4 #OOTT https://t.co/1OCVOIrK98
  • Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the XAU/USD weekly chart. Get your gold technical analysis from @MBForex here: https://t.co/ovGheRg4MQ https://t.co/ZEQSYktj0w
  • What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/l6FvtcADEH
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
Gold & Silver Price Patterns, Patiently Awaiting a Breakout

Gold & Silver Price Patterns, Patiently Awaiting a Breakout

2016-10-28 08:41:00
Paul Robinson, Currency Strategist

What’s inside:

  • Another day of silver prices working towards the apex of the triangle
  • Gold is working off oversold in a channel/bear-flag configuration
  • U.S. GDP/Personal Consumption data could be a catalyst, or not

We’ll start with a snippet from Wednesday’s post: “With little happening, the triangle we pointed out the other day continues to develop. The contraction in price action is pointing towards a move to unfold soon. We will need to wait for the break before running with either side of the tape.”

Yesterday’s session passed with silver continuing to work its way towards a breakout following another rejection up near 18. It’s a critical area of resistance in the form of peaks created in May 2015/16 and the underside of the trend-line running up from January. This confluence has thus far proved formidable.

We are patiently awaiting the break, and given the proximity to the apex of the triangle, we shouldn't have to wait much longer. To reiterate from the other day; a topside breakout will be a more difficult proposition due to it going against the trend in place since summer and resistance up to just over 18, while a break to the downside will quickly bring into play 17.11, and below that support level there isn’t anything significant until the 16 line.

Silver: Daily

Gold & Silver Price Patterns, Patiently Awaiting a Breakout

Created with Tradingview

Taking a look at gold: It’s managed to work off oversold conditions in the form of a rising channel/bear-flag configuration. A break of the underside trend-line will quickly bring into focus support around the ‘Brexit’ day low near 1250, and on a break below 1241 there is an air pocket down to 1200. A break higher, like silver, will likely find more opposition and initially puts gold up against resistance around 1285, where a lower-side trend-line exists, one belonging to what we had once viewed as part of potential bull-flag from July to September.

Gold: Daily

Gold & Silver Price Patterns, Patiently Awaiting a Breakout

Created with Tradingview

High impact data alert: Later today at 12:30 GMT, U.S. 3Q GDP will be reported. Analysts are expecting an annualized growth rate of 2.5%, and Personal Consumption is anticipated to come in at 2.6% YoY. No predictions on this end as we take our usual reactionary stance. A large deviation from the consensus will likely be a catalyst for outsized moves in markets, and a potential reason for silver to finally make a break for it.

Start improving your trading with the help of our trading guides designed for traders of all experience levels.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please sign up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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


News & Analysis at your fingertips.