Bearish consolidation for Gold. Lack of follow-through for Silver

9 years ago - Published in Finance, Technical Analysis

Bearish consolidation for Gold

• Gold's bullish momentum keeps going despite yesterday's consolidation. Hourly resistance is given at 1279 (04/03/2015 high). Hourly supports lies at 1250 (04/03/2016 low). Expected to show continued strengthening.
• In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

 

Silver: lack of follow-through

• Silver is very volatile, mixing large ups and downs. Hourly resistances are given at 15.80 (12/02/2016 high) & 15.93 (11/02/2016 high).
Hourly support can be found at 15.18 (04/03/2016 low).
• In the long-term, the break of the major support area between 18.64 (30/05/2014 low) and 18.22 (28/06/2013 low) confirms an underlying downtrend. Strong support can be found at 11.75 (20/04/2009). A key resistance stands at 18.89 (16/09/2014 high).

Part of a report by Yann Quelenn – Market Strategist Swissquote.ch