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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Gold Price & Silver Outlook – Enough of a Rest for Another Run?

Gold Price & Silver Outlook – Enough of a Rest for Another Run?

What's on this page

Gold Price/Silver Technical Highlights:

  • Gold price correction could use some more time
  • Silver may continue to weaken towards support

Gold price correction could use some more time

After the January 8 blow-off and reversal, gold has done the expected – trade lower to sideways. After those types of runs the market needs a breather. The question is now, has it been long enough to garner enough fresh buying to push gold firmly through those pesky 2011/12 levels created during the topping process back then?

It would seem not, that a bit more time is needed to gain the interest required to push to new heights. It appears most likely at this time that any attempt to run higher beyond the reversal day high at 1611 could fall short of picking up momentum, and run the risk of reversing lower.

However, this doesn’t necessarily mean gold will make for a great short as it seems in the big picture there is more of a bid than offer, and on that attempts to trade lower could be mired by choppy price action.

Ideally, from where I sit, backing-and-filling towards the trend-line from May could offer a nice risk/reward spot to pick up gold for another potential push beyond major long-term resistance. For now, sitting back and being patient may be the best play to make.

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Get Your Q1 Fundamental & Technical Gold Forecast Today
Get My Guide

Gold Price Daily Chart (needs more time)

Gold price daily chart, needs more time

Gold Price Charts by TradingView

Gold Price Weekly Chart (set to rally after 2011/12 zone broken)

Silver may continue to weaken towards support

Silver appears likely to continue acting weaker than its big sibling, gold. With that in mind, it might not take much of a turn in negative sentiment towards precious metals to have silver backpedaling, if not undergoing a outright decline. If more weakness sets in, keep an eye on the trend-line from May, along with the price support around 17.30. This could offer up a nice spot, similar to gold, for fresh longs to be initiated.

Silver Daily Chart (may decline more before finding a low)

silver daily chart, may decline more before finding a low

Silver Price Charts by TradingView

***Updates will be provided on the above technical outlook in webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

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.