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Gold Price & Silver Technical Analysis: XAU at Big Support, XAG Nearing It

Gold Price & Silver Technical Analysis: XAU at Big Support, XAG Nearing It

Paul Robinson, Strategist

Gold/Silver Technical Outlook

  • Gold price trading around long-term support
  • Silver has a nice technical landscape, near March trend-line

Gold, silver both trading near support levels

The precious metal space has been under pressure in recent sessions, with gold price declining over 2% in yesterday’s session. The decline has major long-term support back in play around the 1800-mark. It is a level that dates back to the post 2011-peak topping process, when during 2011 and 2012 there were three peaks created before gold fell into a sustained bear market.

While in November the area was breached on a daily basis, it held up when looking at the weekly or monthly chart. Given how long-term this support level is, it is necessary to give some latitude and look at these longer time-frames.

With support under siege again it will be interesting to see if it can hold. It would help shape things up for a long bias if gold could form a higher low around support relative to the November low. But it isn’t necessary that gold hold here for the longer-term to remain bullish.

The general price action since peaking in the summer has been a choppy downward decline lacking any real momentum. It has the makings of a massive bull-flag. In the context of the longer-term upward trend this price behavior is viewed as corrective.

If support does break the corrective price action could still remain in play and the long-term still be intact. However, in the near-term there the trading bias could turn more decisively negative. A drop through 1764 to do the trick in helping along a near-term bearish bias.

As for longer-term cues we will need to remain patient.

Gold Weekly Chart (on support, bull-flag building)

Gold Daily Chart (watch 1764)

Gold price daily chart

Gold Charts by TradingView

The other day we took a quick look at silver and noted that after the very short-lived Reddit-fueled run, within the context of an uptrend the sturdy trend-line from March may be a good risk/reward spot to look for silver to rise off of. This will be the line-in-the-sand in the near-term to watch.

Silver Daily Chart (watching March trend-line)

Silver daily chart

Silver Charts by TradingView

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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.