Never miss a story from Paul Robinson

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from Daily FX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Paul Robinson

You can manage you subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Gold/Silver Highlights:

  • Gold threatening to break key long-term trend-line
  • Weekly close above will be needed to qualify as a sound breakout
  • Silver has resistance, but will follow gold

To view the longer-term technical and fundamental outlook for Gold, or to see our top trade ideas for 2018, check out the DailyFX Trading Guides.

Gold threatening to break key long-term trend-line

Late last month, gold was rejected from the 2013 trend-line in fairly swift fashion. This warranted a neutral to bearish outlook on the precious metal since, but with yesterday’s surge the trend-line is under fire again.

There remains time on the clock before the week concludes, so gold may yet prove to falter again at this big threshold, but if it can close the week firmly above, preferably above 1366 too, a broader advance could get underway.

There are levels not far beyond which could be problematic, but with the long-term trend-line in the rear-view mirror it seems likely there will be enough momentum to carry gold through 1375 to 1400 and higher. A turn back down around current levels would keep a bullish bias at bay.

For gold sentiment among traders, check out the IG Client Sentiment page.

Gold Weekly Chart

gold weekly price chart, 2013 trend-line threatened again

Silver has resistance to clear, but will follow gold

Silver has been the laggard of the two major precious metals, but if gold breaks beyond the aforementioned threshold it will likely take out its own set of resistance levels. There is a trend-line from the July spike-high to first hurdle, then 17.70 before momentum is seen to carry silver to higher ground. Big-picture, silver has been coiling up since 2016 (between ‘03/’16 trend-lines), implying a big move could soon be near.

It’s all about gold for now, though, if it can’t clear on a weekly closing basis then we’ll have to tap the brake on an upward bias. Should gold get rejected again from the 2013 trend-line look for silver to continue as a leader on the downside.

Silver Weekly Chart

silver weekly price chart, coiling up, to follow gold

Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---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 @PaulRobinsonFX