• 1 hour Is Silver Gearing Up For A Rally?
  • 4 hours World’s Largest Hedge Fund Turns Bullish On Gold
  • 6 hours It’s Time To Spend More On Clean Energy R&D
  • 22 hours Contrarian Investors Are Beating The Stock Market
  • 1 day Bulgaria’s Revenue Agency Falls Victim To Biggest Cyber Heist In History
  • 1 day Amazon Faces European Union Anti-Trust Probe
  • 1 day Commodities Are Having A Stellar Year
  • 2 days Bezos’ Next Big Project Could Be Worth $100 Billion Per Year
  • 2 days 3,600 Years Later, Climate Change Turns Mammoths Into $40M Market
  • 2 days Tesla, Apple Claim China Is Stealing Intellectual Property
  • 2 days EV Giants Duke It Out For Battery Dominance
  • 3 days Tech Billionaire Takes Aim At Google
  • 3 days Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 3 days Expect A Pullback Before Gold's Next Major Rally
  • 3 days Why Interest On Gold Matters
  • 4 days Ten Extravagant Food Items For The Wealthy Only
  • 4 days Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 5 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 5 days Is A Gold Selloff Looming?
  • 6 days Central Banks Are Stashing Gold And Dumping Treasuries
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Gold Update

The advance of gold continues as the price action stays above the two year weekly channel that was breached for the first time a few weeks back. When this kind of event happens, technical analysts wait and see if what was formerly a line of price resistance becomes a line of price support. In the case of gold, that line has mostly held as the weekly closes have stayed above it. The current sideways action should break out to newer highs based on the next chart below, but expect a retest of the weekly channel line at $1,200 after this.

Gold Channel

That chart is the 4 hour price action which shows a clear triangle in progress since the recent peak of $1263. Given the RSI for daily gold is at 66, there is room for gold to go higher and push the RSI into the overbought territory whilst breaching this triangle to the upside and making new highs. After this and as said above, gold could dip back into this triangle but hopefully hold above the weekly line.

Gold Triangle

The situation for silver is more delicate as it has yet to catch gold's fire (as shown by the rising gold-silver ratio). Subscribers have been posted this information in our regular weekend update.

 


Further analysis of silver can be had by going to our silver blog at http://silveranalyst.blogspot.com where readers can obtain subscription details for the Silver Analyst newsletter. Comments and questions are also invited via email to silveranalysis@yahoo.co.uk.

 

Back to homepage

Leave a comment

Leave a comment