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Gold & Silver Price Analysis – Resistance Turns Bias Lower

Gold & Silver Price Analysis – Resistance Turns Bias Lower

2018-10-24 10:45:00
Paul Robinson, Currency Strategist
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Gold/Silver technical highlights:

  • Gold trades up into 1235/40-area, finds opposition
  • Turn lower could soon have 1214/10 back in play
  • Uninspiring price action setting silver up for more losses

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

Gold trades up into 1235/40-area, finds opposition

After gold broke free from the August-October trading range the targeted area of 1235/40 was finally met yesterday. The zone of resistance consists of an important low in December and of less importance the low from the summer, along with an upper parallel dating back to August.

The decline off just below 1240 was fairly swift and has the prospects of a weakness back in play. Barring a close above 1240 (paving the way towards the Dec ’15 t-line), a move back to the 1214/10 zone could soon be in store. If sellers arrive in earnest, a break below 1210 will have focus on the lower parallel from August.

From a tactical standpoint, resistance was proven yesterday as a real threat to the recent climb, and as such traders looking at making bearish bets may want to lean on this as a backstop for shorts. It may be prudent for existing longs to be cautious at this juncture, while fresh longs don’t hold good risk/reward appeal given the hurdle just in front.

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

Gold Daily Chart (1235/40 resistance met)

gold daily chart, 1235/40 resistance met

Uninspiring price action setting silver up for more losses

Silver continues to act poorly overall, not really making any headway higher. The 14.85/15.00 area is proving difficult in the short-term, but even if it is crossed a bear-flag is building towards maturity. An undercut of the bottom-side of the pattern is seen as a reason to look for another leg lower to develop to at least last month’s low and the December 2015 low at 13.65.

Silver Daily Chart (Bear-flag building)

silver daily chart, bear-flag building

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---Written by Paul Robinson, Market Analyst

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