Jump to content

Gold Price & Silver Technical Analysis: Running Aground into Big Resistance


MongiIG

Recommended Posts

GOLD/SILVER TECHNICAL OUTLOOK:

  • Gold trading at resistance around 1830
  • Silver starting to turn lower from near December high
Gold Price & Silver Technical Analysis: Running Aground into Big Resistance

Gold had a spirited move higher this week, but is now finding itself at an important area of resistance. Since July gold has run into the 1830 area on four occasions, with the most recent run-in coming to end last year and begin this one.

It’s a big level that if gold is unable to overcome will likely result in more range activity in the days/weeks ahead. Gold has been a difficult handle the past half-year or so and could continue to be-so for a bit longer. At some point that will change, but not until we get some freedom of movement from levels that are becoming all too familiar.

A strong break above the 1830s won’t ensure this is happening but will be an important first step towards seeing to it that gold finally gets out into open space. There is a trend-line from August and then November of 2020 that will quickly come into play on a breakout, so price action will need to be monitored upon approach.

Overall, conviction right now is low in either direction. If we see gold pierce the aforementioned 1830s resistance and reverse back below, this may lead to a near-term short opportunity. A breakout above resistance gives longs the upper hand, but will tread cautiously until we see a move actually hold up and not reverse.

 

GOLD DAILY CHART

gold daily chart

Gold Charts by TradingView

Silver doesn’t have the same substantial ceiling that gold has, but if gold turns down from resistance then weakness in silver is likely to develop in some form. The level on the top-side to watch is 23.43, followed by the trend-line from May that is currently close to 24.

A turn lower from here may bring into play a trend-line off the December low that is slowly becoming part of a channel structure off that low. For now, conviction is low and it is preferred to pay closer attention to the more substantial level in gold around 1830.

SILVER DAILY CHART

silver daily chart

Silver Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

 

Written by Paul Robinson, Market Analyst. 14th Jan 2022, DailyFX

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • EURUSD Elliott Wave Analysis Trading Lounge Day Chart,     Euro/U.S.Dollar(EURUSD) Day Chart   EURUSD Elliott Wave Technical Analysis FUNCTION: Counter Trend                         MODE: impulsive as C                 STRUCTURE:blue wave 3                           POSITION: black wave C of 2                         DIRECTION NEXT HIGHER DEGREES:blue wave 4                           DETAILS: blue wave 2 looking completed at 1.09862 .Now blue wave 3 of C is in play . Wave Cancel invalid level: 1.08838   The EUR/USD Elliott Wave Analysis for the day chart offers insights into the potential price movements of the Euro against the U.S. Dollar, applying Elliott Wave principles for technical analysis.   Described as a "Counter Trend," the analysis suggests that the current market direction is contrary to the prevailing trend. This indicates that the EUR/USD pair may be undergoing a temporary reversal against the broader uptrend.   Identified as "Impulsive as C" in mode, the analysis indicates that the current market movement exhibits characteristics of an impulsive wave within the larger corrective pattern labeled as "C." This suggests a strong and sustained directional move against the primary trend.   The "STRUCTURE" is labeled as "blue wave 3," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing impulsive movement and its alignment with the broader corrective structure labeled as "C."   Positioned as "black wave C of 2," the analysis highlights the specific phase of the corrective pattern within the larger Elliott Wave cycle. This suggests that the market is currently undergoing a corrective phase within the context of the broader countertrend move.   In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "blue wave 4," indicating the anticipated direction for the subsequent higher-degree wave within the corrective pattern. This suggests that the market may experience a temporary pullback following the completion of the current impulsive wave.   The "DETAILS" section notes that "blue wave 2 looking completed at 1.09862. Now blue wave 3 of C is in play." This suggests that the previous corrective wave has likely concluded, and the market is now in the third wave of the current impulsive movement. Traders may monitor this wave for potential trading opportunities or trend continuation. Additionally, the wave cancel level is noted at 1.08838, serving as a reference point for invalidating the wave count.     EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart,     Euro/U.S.Dollar(EURUSD) 4 Hour Chart   EURUSD Elliott Wave Technical Analysis FUNCTION: Trend                         MODE: impulsive                   STRUCTURE:red wave 3                           POSITION: blue wave 3                         DIRECTION NEXT HIGHER DEGREES:red wave 4                           DETAILS: red wave 2 looking completed at 1.08838  .Now red wave 3 of 3 is in play . Wave Cancel invalid level: 1.08838   The EUR/USD Elliott Wave Analysis for the 4-hour chart provides insights into the potential price movements of the Euro against the U.S. Dollar, utilizing Elliott Wave principles for technical analysis.   Described as a "Trend," the analysis indicates that the prevailing market direction aligns with the broader uptrend in the EUR/USD pair. This suggests that the current price action is consistent with the dominant bullish momentum in the market.   Identified as "Impulsive" in mode, the analysis suggests that the current market movement exhibits characteristics of an impulsive wave, indicating a strong and sustained directional move. Traders may interpret this as a sign of significant buying or selling pressure driving the market in one direction.   The "STRUCTURE" is characterized as "red wave 3," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing impulsive movement and its alignment with the broader Elliott Wave structure.   Positioned as "blue wave 3," the analysis highlights the specific phase of the impulsive wave within the larger Elliott Wave cycle. This suggests that the market is currently experiencing a strong upward movement within the context of the broader uptrend.   In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "red wave 4," indicating the anticipated direction for the subsequent higher-degree wave within the impulsive pattern. This suggests that the market may experience a corrective phase following the completion of the current impulsive wave.   The "DETAILS" section mentions that "red wave 2 looking completed at 1.08838. Now red wave 3 of 3 is in play." This suggests that the previous corrective wave has likely concluded, and the market is now in the third wave of the current impulsive movement. Traders may monitor this wave for potential trading opportunities or trend continuation.   Technical Analyst : Malik Awais   Source : Tradinglounge.com get trial here!    
    • ASX: COCHLEAR LIMITED - COH Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COCHLEAR LIMITED - COH. Continuing on last week's forecast made with COH, that forecast is now accurate. We identify in the short term that COH could decline lower to complete a Zigzag Correction with wave (4)-blue, followed by a potential resurgence of wave (5)-blue to push higher.  ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis   ASX: COCHLEAR LIMITED - COH 1D Chart (Semilog Scale) Analysis Function: Major trend (Intermediate degree, blue) Mode: Motive Structure: Impulse Position: Wave (4)-blue Details: The short-term outlook indicates that the (4)-blue wave is currently unfolding to push lower, targeting the immediate range of 293.87 - 278.31. After the completion of the (4)-blue wave, the (5)-blue wave may resume to push higher. Additionally, the support target is very close to the Major Level at 300. Invalidation point: 253.36       ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis ASX: COCHLEAR LIMITED - COH 4-Hour Chart Analysis Function: Major trend (Minor degree, red) Mode: Motive Structure: Impulse Position: Wave ((iii))-green of Wave C-red Details: The short-term outlook suggests that the (c)-purple wave continues to push lower, possibly targeting around the Major Level 300. Maintaining below the level of 323.84 serves as both resistance and an advantage for this bearish view. After this corrective ABC-red wave concludes, it also indicates that the (4)-blue wave has ended, paving the way for a potential upward movement with the (5)-blue wave. Invalidation point: 342.40       Conclusion:   Our analysis, forecast of contextual trends, and short-term outlook for ASX: COCHLEAR LIMITED - COH aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.   Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation). Source : Tradinglounge.com get trial here!  
    • TAO is one of the leading AI tokens but looking at NAO fundamentals, uses cases and product offerings. It has a wider array that could position it for massive adoption. I will be taking advantage of the poolX and candybomb event to scoop some into my PF.
×
×
  • Create New...
us