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.

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
Subscribe
Please try again
Wall Street
Bearish
Low
High
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
More View more
Real Time News
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/rws9LHJV3E
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2021/09/18/Japanese-Yen-Forecast-JPY-Crosses-Eye-BoJ-CPI-as-Haven-Flows-Bolster-Yen-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/FVisZuTP6M
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here: https://t.co/H1BaTlIHjY https://t.co/zP3mjfslSD
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Of1thU4zXw
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://t.co/p2FhEwym1E https://t.co/MjiYB85TSF
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/fIO9TP7D62
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/Xja8DHUqlH
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/9po5Lg4vnR
  • The Japanese Yen is eyeing the upcoming Bank of Japan rate decision and CPI figures, but JPY crosses will likely remain dependent on broader market sentiment. Get your weekly $JPY forecast from @FxWestwater here: https://t.co/x9rbQpPfWe https://t.co/2x1R5XTVea
Gold & Silver Technical Outlook: Can They Break Resistance?

Gold & Silver Technical Outlook: Can They Break Resistance?

Paul Robinson, Strategist

What’s inside:

  • Gold extending, but has two key significant points which could stall rally
  • Silver acting well, but has a lot of resistance to work through, still
  • Price action dependent, pullbacks may soon be signaled

Traders have been buying the rally in gold, see the IG Client Sentiment page to find out what this could mean in the near-term; for a longer-term technical and fundamental outlook, see the Q1 Forecast.

Gold continues to push higher with the help of a weak US dollar, now over $100 better than where it was a month ago. The recent extension has it trading at a trend-line dating back to 2013. The connecting points are important as one is the 2016 high and the other last year’s high.

If gold can overcome this significant hurdle, the next level is the 2017 high at 1357. A breakout beyond that point would be deemed important from the stand point of creating another higher-high since the rally began back in December 2016. This would leave room up to the 2016 high at 1375, an even bigger point of interest.

A scenario worth keeping in mind: If a reversal develops from around current levels we could see further development of a broad triangle formation dating back to mid-2016, with the 13-month underside trend-line as the bottom of the formation. From a big-picture perspective, this could be an explosive development.

For now, we’ll focus on how price action plays out at the aforementioned resistance levels and take it from there. You can join me on Tuesdays at 10:00 GMT for live in-depth technical analysis on precious metals and other commodities, along with equity indices.

Check out these 4 ideas for Building Confidence in Trading

Gold: Daily

Gold daily price chart

Last week, silver held the trend-line off the December low, and is making another go at overcoming resistance. There is a price zone in the current vicinity up to 17.46, which is in confluence with the trend-line running down off the 2016 spike-high.

A breakout above these thresholds could spark momentum, with the next eyed line of resistance extending down from April, ~17.70. However, at the moment, silver is not only at resistance, but also lagging behind gold. This still leaves the burden of proof on buyers’ until a breakout above resistance can take shape.

Silver: Daily

Silver 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