Below is our quarterly technical analysis of the precious metal markets…
GOLD – XAUUSD – Daily & Weekly Charts
As suggested in our last GOLD chart analysis, price has been bullish and has swung higher.
XAUUSD is clearly up-trending on the weekly time-frame. Price is currently in a retrace phase after a strong bullish move. The weekly moving averages are bullish and widening, suggesting that the long-term upward trend may continue.
GOLD is also clearly up-trending on the daily time-frame. The moving averages are bullish and steady, signalling that the trend may continue. Price action has formed some resistance though – a diagonal resistance area and the daily shorter-term moving average.
Opportunities to go long could exist around the daily and weekly moving averages, around the weekly trend support area and around any of the horizontal levels at 1760, 1675, 1460 and 1350. An attempt to swing higher may be rejected or reverse around the daily diagonal resistance area, around the daily shorter-term moving average and around the horizontal resistance levels at 2025 and 2070.
SILVER – XAGUSD – Daily & Weekly Charts
Price closed above the weekly range resistance area and has since formed a large bullish move, as suggested in our last Silver chart analysis.
On the weekly time-frame, XAGUSD is in a retrace move, after the recent strong bullish move. Price is above the recent consolidation area and the moving averages are bullish and widening, suggesting that SILVER could attempt another bullish move.
The daily time-frame mirrors the analysis and direction of the weekly time-frame – bullish moving averages with signals of a potential move higher. Price action on the daily time-frame has formed some resistance levels though, suggesting that XAGUSD could struggle to swing higher.
Long opportunities may exist around the dynamic support of the daily and weekly moving averages, around any of the key Fib levels and around the horizontal levels at 18.65, 14.05 and 12.40. A bullish move could find resistance around the daily diagonal resistance and around the recent highs at 28.05 and 29.75.
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