• 6 hours Silver Steadies Following Wild Week In Precious Metals Markets
  • 22 hours $5 Million Gold Toilet Vanishes
  • 22 hours Gold On The Rise After Fed Rate Cut
  • 1 day Oil Trader Loses $320 Million On Derivative Bets
  • 2 days S&P 500 Officially In An Earnings Recession
  • 2 days Miners Are Weathering The Trade War Storm
  • 2 days UK Credit Card Interest Rates Are Skyrocketing
  • 3 days From Frenzy To Flop, The Death Of This Year’s Most Hyped IPO
  • 3 days Are Smart TVs Spying On Us?
  • 3 days Is Fossil Fuel Divestment A Waste Of Time?
  • 4 days A Russian Billionaire’s Space Quest To Save Humanity
  • 4 days Markets Take Breather As Consolidation Continues
  • 4 days Economic Woes Weigh On Copper Prices
  • 4 days World's Largest IPO At Risk Following Drone Strikes
  • 5 days Gold Is Beating Buffett’s Berkshire Hathaway
  • 5 days What’s Behind The Silver Sell-Off?
  • 5 days The Retail Apocalypse Is Accelerating
  • 5 days The Top Tech Stocks Of The Year
  • 6 days America’s Workforce Elderly Workforce To Double By 2028
  • 6 days Toyota Tests Solar-Powered Prius
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  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