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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Gold Finally Shakes off the Rust, Breaks Range with Silver Following its Lead

Gold Finally Shakes off the Rust, Breaks Range with Silver Following its Lead

Paul Robinson,
What's on this page

Gold/Silver technical highlights:

  • Gold finally breaks out of brutal trading range
  • Going with breakout as long as range top holds
  • Silver moving higher, but sluggishly

See where DailyFX analysts see Gold heading into year-end and the expected drivers in the Q4 Gold Trading Forecast.

Gold finally breaks out of brutal trading range

Yesterday, gold surged $30 and with it the trading range, bordering on historical in tightness, was finally broken with authority. The top side break clearly took out the 1214 level and trend-line from April, and on that as long as price doesn’t sink back inside the range then risk is skewed higher.

Looking to the 1210/14 area as support on a pullback there is room for a rally to unfold up to near 1240 before lows from July (which was a pivot on the December 2015 trend-line) and December. Gold could continue to trade beyond that level, but for now that looks like the first good spot to watch for sellers to emerge.

Tactically speaking, would-be buyers can use the top of the range to lean on as support, while those looking to short gold will likely be best served waiting for further cues.

Gold traders still remain quite long, check out IG Client Sentiment for details as to how this information can be used.

Gold Daily Chart (Breakout needs to be sustained)

gold daily chart, breakout needs to be sustained

Silver moving higher, but sluggishly

Silver of course followed gold’s lead, but doesn’t have the same bullish backdrop right now. It continues to be laggard to gold and is viewed as a better short candidate should the rally in precious metals turn out to be a head-fake higher. Clearance above 15 needed to get momentum rolling for longs.

Silver Daily Chart (Lagging behind)

silver daily chart, lagging behind

Resources for Forex & CFD Traders

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

You can follow Paul on Twitter at @PaulRobinsonFX

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