Gold exceeded the key high set last September, but has since backed away. Thursday printed a rejection of the high, and Friday confirmed that rejection. Since Gold has climbed in January, we have been losing momentum. This, and the bearish divergence in the Stoch/RSI makes it difficult to initiate a long trade here.
Taking a look at Silver - not shown - we can...
Gold/Silver ratio looks to be topping out against strong resistance levels. This should see the trend reverse quite sharply as Silver is incredibly volatile. Should therefore see much higher silver prices in the latter stages of 2018.
In my last post on Silver I wrote that caution was required.
Now we are printing a bullish engulfing for the week - the week isn't over, but if this holds, it portends further upside.
The broadening formation over the last few weeks is bullish.
The weekly Stoch/RSI is in overbought territory, so perhaps some further grinding might be required to create some...
I spotted the AB=CD correction pattern on the Silver chart and built out this idea around it. I will post some more images in the comments which give more context, but essentially it seems that we are about to being wave 3 of 3 (a powerful impulse wave) in a bullish wave cycle. This wave cycle seems to be moving away from a long-term low, so could end up...
Head shoulders pattern indicating downside potential, but furthermore it would also break a long term resistance level. This would confirm a bear market in the dollar and give a strong rally to gold and silver prices.
Just a quick note with Silver, monthly chart.
As with Gold, we have the same rounded bottom formation. We also have a break of a longterm down trendline, which is now acting as support.
We should at least expect a test of the 18-19 area. However, 19 presents potent resistance. Breaking and closing above 19 on a monthly basis could shift the whole structure, and...
Gold appears to have just broken out bearishly from a roughly year-long trend channel. As the chart shows, we saw the same thing in 2016 just before a major move down in gold. The thing that I find significant at present is that a similar size of move down now could entail a break down of the long term logarithmic support line, which may in turn have considerable...
The above is my non-professional, long term view of gold in logarithmic scale. Given that the metal still seems to be in a phase of indecision, I will have to wait and see how this consolidation resolves before deciding on the likely long-term direction of the gold price.
Long setup for silver with negative news being released earlier today can see the pair break the .618 resistance. Once/if it does expect it too shoot up. Rising wedge put in with all the higher lows, will wait for break and possibly add to position.
It is always worth a look at the gold-silver ratio. Currently, gold is 76 times more expensive than silver (per ounce). In the past, it has been shown that the area above 78 is an extreme area and can be used for trades. In this case, you would sell gold and buy silver.
Price recently broke out of long tern channel which was soon retested resulting a bounce. Price has stalled at shown level of major resistance a number of times, however higher lows are being put in showing pressure growing. Will enter long once level is broken. Will give good risk to reward too.
Silver waiting on a break out on the hourly frame. Higher time frame has recently broken out of a major trend line (daily) awaiting a bounce. Dollar also at massive level after bullish couple of days. Will take trade after break
Silver, support S1 at 16,124 has been tested
Silver, support S1 at 16,124 has been tested,
starting the rebound.
After passing the pivot (dotted yellow line) you can try the long
with target R1
SILVER SIU17 - Sep '17
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = 16.893
R2 = 16.864
R1 = 16,459
PIVOT = 16,292
S1 = 16,124
S2 = 16,110
Silver has hit it's resistance line of 16.84
and after the non farm payrolls, it has fallen.
RSI and MACD are both in a down-trend,
and price is also below its 200 EMA.
In my opinion, that's a few good reasons to go short.
I posted previous prediction on Gold, looks about right. We had a bounce from the 50% Fib. Even though EVERYONE on trading view said OH NO! We are going to 1125.....yeah ok. I personally think we will see 1300$ very soon, as the US dollar weakens further. I also think we could see 17-18 on Silver!
On the daily-chart, the 7-July downward break-out created a nice Buy pinbar on the 8-Jul.
I am keeping an eye out around a major resistance around $17.15 and expect some resistance around $16.30
Silver is in a downwards trend with Lower-High's and Lower-Lows
Resistance zone: $ 16.30 - 17.15
Support zone $14.50 - 15.5