Gold & Silver Spot

Intermediate

Gold trading in a bull flag formation but while holding within the mid point of this flag, as we are now, this offers little trading opportunities. We are making a break above resistance at 1472/74.

Silver longs at important support at 1655/50 are working perfectly on the recovery to strong resistance at 1693/96. We topped exactly here.

Today’s Analysis 12 Dec, 2019

Gold holding above 1472/74 allows a further recovery to 1481/82 then a selling opportunity at 1488/90 with stops above 1492. A break higher is an important medium term buy signal.

First support at 1468/65 but below here targets 1457/56. A break below 1454 targets 1450 & 1445.

Silver longs at important support at 1655/50 target 1675/80 & strong resistance at 1693/96. We topped exactly here so this is key to direction but a break higher today looks more likely, targeting 1726/30, perhaps as far as strong resistance at 1740/45.

Important important support at 1655/50. A break below 1630 is a sell signal therefore targeting 1610 & 1590/85.

Trends

Weekly outlook is positive

Daily outlook is neutral

Short Term outlook is neutral

Jason Sen

Editor

Jason Sen began his trading career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successful...continued

Comments on this analysis


Your email address will not be published. Required fields are marked *


Latest Related News

Treasury Futures Rally to Record Highs as Coronavirus Fears Grip Mkts

Treasury Futures rallied to new ATHs, smashing past the 132.14 September peak as the deadly Coronavirus begins to spread around the world, even as cases in China fell; Gilts and Bunds have fallen off their respective day highs but Treasury’s have retained a bid tone as participant’s dash to safe haven assets. Mkt has violated the 61.8% fib ext. at 132.72, lifting prospects for a… Continued

Correction Over Next Week?

The current 65-point pull-back in the SPX is only a blip on the weekly chart. And it will probably stay that way if this correction is only caused by the bottoming action of the 20-wk cycle. But we’ll need to make sure that this is confirmed by future market action. Concerns about the coronavirus is increasingly producing comments about how the economy could be affected if the… Continued

An erratic week – risk off, then back to risk on

The trade talk prospects between the US and China were dealt a blow to start the first week of December as President Trump and other key players highlighted that the phase one trade deal might not be signed as quickly as markets had expected, with the President at one point suggesting a trade deal might not be done until after the next presidential election in… Continued

Gold & Silver Forecast

Recap Gold trades sideways holding minor resistance at 1493/94 before a slide to very minor support at 1488/87 but we held the next target of 1482/81. Silver beat key resistance at 1750/60 for a buy signal but we just missed the 1790 target. Daily Forecast - 22 October 2019 Gold first resistance at 1488/91 but above here targets 1498/1500. Bulls need a break above 1505… Continued

Gold: It’s All About Real Rates Not the Dollar

The Federal Reserve’s recent need to supply $100’s of billions in new credit for the overnight repo market underscores the condition of dollar scarcity in the global financial system. This dearth of dollars and its concomitant strength has left most market watchers baffled. Since 2008, the Fed has printed $3.8 trillion (with a “T”) of new dollars in an effort to weaken the currency and… Continued

Forex Brokers in your location