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Gold & Silver Pop on Fed, USD Tank; Charts Need More Work for Clarity

Gold & Silver Pop on Fed, USD Tank; Charts Need More Work for Clarity

Paul Robinson, Strategist

Gold/silver technical highlights:

  • Gold has room for short-term momentum, but 2013 trend-line remains problematic
  • Silver trading at trend-line resistance, broader outlook remains uncertain

Start tracking DailyFX analysts’ Top Trading Opportunities for 2018 by visiting the DailyFX Trading Guides page.

Gold has room for short-term momentum, but 2013 trend-line remains problematic

Yesterday, post-FOMC the US dollar tanked while precious metals rallied sharply. After holding support earlier this week near 1300, the boost has gold in position for short-term follow-through, but that could be quickly stymied if sellers show up again around the 2013 trend-line.

Start watching how any follow-through maintains should it start trading up into the 1340/60 zone. This could quickly become another reversal point as it has on other occasions since January. To provide full clearance for longs, a weekly close is needed beyond the long-term threshold. On a drop back lower, the low-1300s continues to be a major area of support.

To see how traders are positioned in gold and other key markets, check out the IG Client Sentiment page.

Gold Daily Chart

gold daily price chart

Gold Weekly Chart (2013 trend-line standing in the way)

gold weekly price chart

Silver trading at trend-line resistance, broader outlook remains uncertain

The pop in silver yesterday puts it right back in the thick of a trading range that started during the early part of last month. It’s also trading around the trend-line from the January high. Silver may continue yesterday’s rally, but faces a lot of resistance from 16.75 up to 17, consisting of not only price resistance, but also the 200-day MA.

While buying the rally with resistance so close isn’t particularly appealing, shorting doesn’t hold much of an edge either with potential for short-term momentum to carry it a little higher. The side-line looks like the most attractive place to be right now.

Silver Daily Chart

silver daily price chart

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---Written by Paul Robinson, Market Analyst

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