News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • RT @macrodesiac_: If you know you know. https://t.co/W2LYqathr5
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: -1.45% Wall Street: -1.78% FTSE 100: -3.03% France 40: -3.10% Germany 30: -3.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Yt3BFBNgjZ
  • ECB's Lagarde says Euro appreciation places downward pressure on prices, adds that the ECB are attentive to the Euro's appreciation $EUR
  • Italy regional vote - Exit poll sees centre left narrowly ahead of right in Tuscany vote
  • ECB's Lagarde says the ECB will open consultation on digital Euro within days
  • US President Trump says in regard to TikTok that China must give up on control or no deal
  • 🇨🇦 New Housing Price Index YoY (AUG) Actual: 2.1% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2020-09-21
  • 🇺🇸 Chicago Fed National Activity Index (AUG) Actual: 0.79 Expected: 1.95 Previous: 1.18 https://www.dailyfx.com/economic-calendar#2020-09-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.77%, while traders in NZD/USD are at opposite extremes with 72.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/LGODzLXvvD
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week! https://t.co/chKtG7waxH
Gold Looking to Put LT Trend-line in Rearview Mirror, Silver to Follow

Gold Looking to Put LT Trend-line in Rearview Mirror, Silver to Follow

2017-06-07 08:33:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Gold trading above 2011 trend-line, looking for it to maintain on a weekly closing basis
  • If it does – 2016 highs targeted, silver to follow
  • Silver trading in confines of bullish channel, July trend-line next up as resistance

What’s driving precious metals? Find out in our market forecasts.

What a difference a few days makes. This is what we had to say regarding the price of gold on Thursday: With gold currently trading right around this line [2011 trend-line], we’ll first respect it for what it is until broken –major resistance.”

Weaker than expected NFPs (+138k vs +182k exp.) undermined the US dollar, boosted precious metals. The resulting move in gold pushed it to just a shade above the 2011 trend-line to finish out last week. It’s a huge point of interest given how influential it’s been as resistance, especially in the past year. In light of the long-term nature of the trend-line, in our book, it’s about a decisive weekly close above the trend-line which is what’s needed to confirm as a true break. There is still plenty of time left in the week and events (ECB, UK election) which could ignite a move in either direction. But if we get that solid weekly close beyond the long-term hurdle by the close on Friday, then focus will shift towards seeing a move towards the 2016 highs to begin with. The April high around 1295 is another hurdle for gold to overcome (currently challenging it), but unlikely to present much of a problem as long as price stays above the 2011 trend-line.

Gold: Weekly

Gold Looking to Put LT Trend-line in Rearview Mirror, Silver to Follow

Daily

Gold Looking to Put LT Trend-line in Rearview Mirror, Silver to Follow

As we’ve been discussing, were operating off the technical landscape in gold for cues as to what to expect from silver. The picture hasn’t been as clear. But if gold is set to rise significantly silver won’t be left behind. Since bottoming in the early part of May, a channel has developed which is keeping the metal pointed higher. A noteworthy development. Silver has a trend-line of interest coming up not too much further above via a line running down off the July spike-high passing over the April peak.

Silver: Daily

Gold Looking to Put LT Trend-line in Rearview Mirror, Silver to Follow

Paul conducts webinars every week from Tuesday-Friday. See the Webinar Calendar for details, and the full line-up of all upcoming live events.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing 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.

DISCLOSURES