Skip to Content
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. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Silver Price Woes Deepen as Gold Sellers Finally Wake Up

Silver Price Woes Deepen as Gold Sellers Finally Wake Up

What’s inside:

  • Silver continues to break support level after support level following pattern, trend-line break
  • Gold just getting started as the December trend-line finally gives way, 200-day MA under siege
  • Levels and lines outlined to watch as recent developments progress
  • Plus, a bonus chart – Platinum

See what’s driving Gold & Silver into year-end in the DailyFX Trading Forecasts.

Silver has been getting rocked for over a week now following the breakdown out of a symmetrical triangle and decline below the July trend-line. There were minor levels of support we were been watching, but buyers were scarce as price has moved from one level to the next. A move into the mid-15s or worse (July low – 15.19, 2003-current trend-line) could soon develop on a clean break of 16, and with gold looking to have started a new leg lower this becomes an increasingly likely outcome. There may be a bounce or two along the way, but barring an extremely sharp turnaround, those should be short-lived. Resistance first clocks in at the October low of 16.34.

Silver: Daily

Gold stubbornly held in for a while, but finally succumbed to selling pressure yesterday and as a result it broke the one-year trend-line. Yesterday’s hit also took it outside of a nearly matured wedge. The pattern wasn’t as ‘pretty’ as the one formed by silver, but nevertheless the entanglement that gold has been caught in looks headed for the rear-view mirror. Once firmly below 1261 there isn’t a lot to the left on the chart in the form of support. Minor support around 1251, but after that you have to start looking towards the 1220/05 region to find more meaningful levels. The trend-line from February and then there is the July low. To turn the picture around, we need to see a firm recapturing of the December trend-line, and really things don’t shape up for longs until solid clearance back above 1300.

Struggling right now? You’re not alone. We’ve designed a guide to help traders Build Confidence in Trading

Gold: Daily

Bonus Chart: Platinum

Platinum is currently breaking an important trend-line extending higher from the January 2016 low, and on that it threatens to take out levels extending back to December of last year. A break of those levels and things could get ugly fast, with nothing in sight until the 2008 trend-line and Jan ’16 low at 811.

Platinum: Daily

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email - SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX.

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

DISCLOSURES