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
Mixed
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: -1.50% Wall Street: -1.78% France 40: -3.30% Germany 30: -3.41% FTSE 100: -3.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2G6XT0J6v5
  • Tune in to @nickcawley1 's #webinar at 6:30 AM ET/10:30 AM GMT to prepare for key UK events and markets in the week ahead. Register here: https://t.co/xewSeUoDaT https://t.co/I8N4F5SmRK
  • Germany 30 IG Client Sentiment: Our data shows traders are now net-long Germany 30 for the first time since Sep 08, 2020 when Germany 30 traded near 12,883.80. A contrarian view of crowd sentiment points to Germany 30 weakness. https://www.dailyfx.com/sentiment https://t.co/PrXKfwUQbT
  • UK's Hancock says final decisions have not been taken in response to surge in COVID cases $GBP
  • #SP500 futures tumbling through Bear Flag support at the 3300 mark. Implied measured move suggests a push to 3000 could be on the cards if price breaks below the June high (3231.25) $ES $SPX https://t.co/o26aOMmin8 https://t.co/pS7A9CVmt6
  • For those who like taking a look through memory lane, stocks (SPX) are heading to its historically worst patch in the year (Historical average based on 1990-2019 performance) https://t.co/RuhNxy6TYr
  • US futures tumble and European equities trade sharply lower: - S&P 500 (-0.34%) - Nasdaq 100 (-1.6%) - Dow Jones (-2.08%) - DAX (-2.86%)
  • $USDJPY plunging to its lowest levels since March as support at the July low (104.18) gives way. Daily close below the 104 level could bring the March 12 swing-low (103.08) into focus Is $USDJPY headed to parity? https://t.co/QtlWIPKbU6
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/7fMGgU3vUn
  • RT @MrMBrown: $GBP looks to be in for a rough ride this week - mounting speculation of tighter covid restrictions; Brexit trade talks remai…
Silver & Gold Chart Analysis – Burden of Proof Still Lies with Buyers

Silver & Gold Chart Analysis – Burden of Proof Still Lies with Buyers

2017-12-20 11:45:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Silver bouncing into resistance around the 16.15 line
  • Gold is facing off with levels in the 1260s and a little higher
  • Still giving downtrend and resistance levels the benefit of the doubt

See how traders are positioned in key markets/currency pairs and what it could mean, please visit the IG Client Sentiment page.

Silver is currently lifting into an area of resistance around 16.15 consisting of a pair of lows in May and October. Yesterday, we saw a small turn lower on an attempt to trade on through, but it wasn’t the most convincing rejection. A little more substance to a turnaround is needed to heighten conviction that silver wants to trade lower again. Should we see the bounce extend higher, 16.34 up to 16.62 will be eyed as the next levels of resistance. A turn lower will bring the low at 15.62 back into view along with the lower parallel from which the current bounce is mounting from, and most importantly the 2003 trend-line and July spike-low. This would be the ideal spot for silver to trade to for a big-picture rally to develop later-on. But for now, the swing higher is only viewed as a corrective bounce as long as the trend structure remains bearish and resistance levels remain intact.

Silver: Daily

Silver daily price chart

Gold experienced a sell-off to a lesser extent as silver, so it’s no surprise that it is recovering with a bit more strength. It is currently trading into the bottom of the congestion period it broke free from earlier this month. The 200-day also lies not far ahead along with the trend-line off the September high. From current levels up into the low 1270s is a very important area. A rejection will bring the recent low at 1236 back into focus, and from there the January and December 2015 trend-lines.

See this guide with 4 ideas on how to Build Confidence in Trading

Gold: Daily

Gold daily price chart

---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