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 & Silver Price Analysis: XAU & XAG Charts Looking Bullish

Gold & Silver Price Analysis: XAU & XAG Charts Looking Bullish

Paul Robinson,
What's on this page

Gold/Silver Price Technical Outlook

  • Gold held support yesterday, looks poised to trade higher soon
  • Silver staying within the confines of a bullish channel

Gold & Silver Price Analysis: XAU & XAG Charts Looking Bullish

Yesterday, gold tagged and reversed off support around 1764, a level that has been in play since May of last year. It acted as resistance then, but turned into a source of support since, with it acting as a floor of some sort in November and February.

Yesterday’s reversal off that low within the context of an upward trend from late March keeps the upside intact, even if the neat channel was broken on the 4-hr chart. Just because a channel breaks it doesn’t necessarily signal a trend change as long as the break isn’t accompanied by strong momentum.

We may see a bit of a bull-flag develop on the 4-hr chart, but even if we don’t see a neat configuration form, as long as yesterday’s low at 1762 holds the outlook is looking positive. The first level of resistance to watch is the 1797 high from recently, then 1816, a short-term swing-high from February.

The broader target in the near-term is the August trend-line (~1840s) and the 200-day moving average at 1854. These two thresholds could intersect to create an influential spot of confluence. We shall have to wait and see, of course.

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Check out the Q2 GOLD Forecast
Get My Guide

Gold Daily Chart (1764 support)

gold daily chart

Gold 4-hr Chart (bullish even if outside channel)

gold 4-hr chart

Gold Charts by TradingView

Silver is looking solid within the confines of a neat channel dating to late March. The 4-hr chart has a clean set of lines to watch. The lower parallel is seen as support on weakness, with yesterday’s low at 25.81 viewed as the ‘line-in-the-sand.’

A breakout above 26.64 is needed to get things rolling higher. Beyond that point there isn’t any visible resistance until a swing high from February in the 28.30s.

Silver 4-hr Chart (channel heading towards breakout)

silver 4-hr chart

Silver Chart by TradingView

Resources for Forex 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.