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Technical Forecast for Gold, Silver Prices & Equity Indices

Technical Forecast for Gold, Silver Prices & Equity Indices

Paul Robinson, Strategist

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Precious metals are in a precarious position after both gold and silver dropped through the lower parallel of a bullish channel extending back to the July low. Gold has room to move lower before a test of substantial support takes place around 1296, while silver is currently sitting on solid support in the low-17s. The futures market shows large speculators having snatched up contracts at a rapid pace in recent weeks, which is viewed as a headwind for the metals moving forward. Even if we see a bounce it may not be sustainable until we see further weakness or a time correction unfold.

The recent decline in copper brings it back to an area of support that started as far back as the spring of 2015, but isn’t showing much life after trading slightly below a trend-line rising up since June. On a break below 2.93 the next level of support we’ll look to is 2.87.

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Crude oil continues to be a challenge, and for the most part a market on the ‘stay away’ list. It still has potential to be putting in a long-term rounding top, but recent price action suggests it still may want to trade higher to a major level of resistance around 51.50.

U.S. indices continue to look solid, with the 2515/25 area as the spot we’re looking for the S&P 500 to trade up to soon. The Nasdaq is building a triangle after not long ago breaking out of a bull-flag; ~6100 is the next eyed level where a top-side trend-line lies from June. The DAX & CAC recently crossed above major thresholds and continue to look poised for higher prices. The FTSE 100, on the other hand, broke through the important 7300-level last week and is on the ‘sell’ list on a retest of old support. The Nikkei 225 is finally getting into gear with a big showing last night of nearly 2%. A clean close above the year high in June opens up a path towards the 2015 high just shy of 21k.

For full technical considerations, please see the video above…

---Written by Paul Robinson, Market Analyst

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