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Preciousmetals

#XAUUSD Update #Gold The correction is far from complete. The chart below indicates a scenario with flat which, however, is easily interchangeable with a more complex wxy combination going sideways. The bigger picture remains unchanged since the last update on May 27. While I agree with gold bulls that the trend is up, I still see the next 6-8 months as extremely challenging for stocks, energy and precious metals. Perhaps, this is due to the coming liquidity squeeze. Below I indicated two possible scenarios of expected decline.
OANDA:XAUUSD
by Fomenka
Silver Linings Trade BookAt the expense of using a mixed metaphor, silver may at times appear to be a mercurial trading instrument. Even if you only trade silver as a CFD product, utilising pure technical analysis, and without holding any of it as a physical asset, you should still be aware of the macroeconomic context that influences this metal alongside supply and demand fundamentals. Silver, according to many players in the market, is heavily manipulated by some of the big banks as well as the U.S. Fed and Treasury. By manipulation, we mean a suppression of the real price of silver given bullish fundamentals that should translate into much higher prices. Let’s first discuss the safe haven nature of silver. Four precious metals typically interest safe haven investors, namely gold, silver, platinum and palladium. It may come as a surprise to many that gold is not always the strongest and safest of havens and indeed during certain periods, silver, along with platinum and palladium, has acted as a safe haven when gold has not. Silver has been resilient in this regard as seen through the Covid-19 pandemic when its position as a safe haven asset climbed 47.89% between 31/12/2019 and 31/12/2020 compared to 25.12% for gold, 25.86% for palladium and 10.92% for platinum during the same period. Silver’s backbone though is built from its use as an industrial metal and although industrial demand has been fickle since Covid-19, that’s still not been as fickle as investment demand since that time. As of January 2020, industrial buyers accounted for more than 50% of demand for the metal. Recent bearish economic data from key markets such as the U.S., China and Germany has put a lid on any attempts at a parabolic move eyeing the highs of Feb 2021 despite gold hitting an all-time high recently. When the global economy emerges from troubled waters, the global drive for cleaner energy will resume in earnest and make silver a key decarbonisation trade and we may see a resumption of the 2020 bull run. There is still room for a momentum rebound with a change in sentiment and consequent space to manoeuvre between where we are at the moment and the $30 high reached in early Feb 2021 and between that top and the all-time high of $49 in 2011. Technical traders using leverage on gold CFDs, especially intra-day traders, get nervous when they look at the price action of silver in comparison. Silver’s price action is not as smooth as gold’s and the daily ranges may also appear tighter in comparison but this is in part due to silver’s wider use in industry compared to the yellow metal. As a result, silver has more cyclical characteristics than gold but this helps contextualise patterns and trends for trade analysis. Traders are losing out on not trading silver because intra-day trades as well as swing/position trades can offer an excellent risk to reward ratio with this instrument. Silver, like gold, is also offered by many brokers with a very reasonable spread and ones that are also much lower compared to platinum and palladium. As always, remember that when you go to market, be careful out there.
TVC:SILVER
by BluetonaFX
7
Platinum, could this be a new swing higher?Today's focus: Platinum Pattern – Support hold, trend break Possible targets – 1070 Support – 993 Resistance – 1035, 1070 Today’s update is on Platinum. We have run over our thoughts and levels we are watching. Yesterday’s solid rally has held support and has started to test support after breaking the current downtrend. Will we see buyers clear resistance and confirm the trend break? Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:XPTUSDLong
by Eightcap
Gold and stocks are showing more signs of decouplingAfter expressing our concerns about gold's rally in early May 2023, we saw it tumble as low as $1,932.11 just two days ago. Since this low, gold’s price rebounded above $1,970 and then weakened again. Currently, it trades near $1,955 per troy ounce. That brings us to a similar assessment as in our previous article, and we will pay attention to the two closest levels of importance, particularly near $1,952 (support) and $1,959 (resistance). If the price breaks below the support, it will be bearish for the short-term; contrarily, if it breaks and holds above the resistance, it will be bullish. Regarding technical indicators on the daily time frame, we are observing MACD, which is slightly flattening; if it starts turning to the upside (and eventually breaks above the midpoint), it will be a bullish sign. The same applies to rising RSI and Stochastic (and also to converging DM+ and DM-). As for our current stance, we continue to be worried about gold’s performance in the short term as it is still possible that more downside will follow. Despite that, there is one development we are starting to notice increasingly more. Last year, when the stock market was declining, it weighed on gold, which saw investors taking profits in order to cover losses elsewhere. As of late, however, gold has been sold off as the stock market turned into this “complacency” phase, with approximately six companies dragging the whole U.S. market higher. We plan to be attentive to this decoupling, as it might be a very important development for gold going forward, and we can start seeing it perform well despite stocks selling off. Illustration 1.01 Illustration 1.01 shows the daily chart of XAUUSD. The yellow arrow indicates a bearish crossover between the 20-day SMA and the 50-day SMA. We will pay close attention to volume. If it continues to decline, that might suggest that the selling pressure is cooling off. Technical analysis Daily = Bearish Weekly = Slightly bearish *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
9
SILVER - Where to next? BIRD EYE VIEW!SILVER - Where to next? An important few weeks ahead: FOMC minutes Wednesday, PMI's and on Nov 30th - Fed Chair Jay Powell is set to speak on the economic outlook and the U.S. labor market at Brookings. With all of this we are at key support areas of DXY - I see a lot of individuals very bullish precious metals, I am too. Although, keep in mind trade what you see, not what you think. Where will silver lead next? We are within the ranges of Lows: 18.100-18.500 & Highs: 22. A break to either direction...
FX:XAGUSD
by Trade_Journal
Gold Epic Bull RunGold has been in the ascending channel since the second half of 2022. We have seen 2 small falling channel formations within this huge channel and we are currently experiencing the 3rd falling channel formation. We can understand that we have come to the end of this small falling channel, so we have come to the support of the rising channel. The rejection of gold from these levels will indicate that it is entering a potential bull run. As we can analyze from the Fibonacci time zone indicator, this run has the potential to continue until mid-July. Breaking the ascending channel and falling below the $1900 level will invalidate this analysis and stop it.
OANDA:XAUUSDLong
by YavuzAkbay
$OTC:FNLP Key Support Line and Falling Wedge Pattern Introduction This concise analysis examines the silver chart, highlighting the significance of a key support line and the presence of a falling wedge pattern. These technical indicators provide insights into potential price movements and suggest a possible bullish outlook for silver. Key Line of Support The silver chart reveals a well-defined line of support that has held multiple times, demonstrating its significance. This support line acts as a price level where buying pressure tends to emerge, preventing further downward movement. The repeated bounces off this support line indicate its strength and suggest that buyers are actively participating at this level. Traders often consider such support lines as critical areas to monitor for potential buying opportunities. Falling Wedge Pattern Within the silver chart, a falling wedge pattern has emerged, characterized by converging trendlines with a downward slope. This pattern typically represents a temporary consolidation phase before a potential bullish breakout. The upper trendline, connecting the descending highs, and the lower trendline, connecting the ascending lows, create a narrowing wedge shape. The falling wedge pattern often indicates a gradual decrease in selling pressure and a potential shift towards upward momentum. Anticipated Breakout The falling wedge pattern suggests a potential bullish breakout in the future. As the price approaches the apex of the wedge, the narrowing range indicates decreasing volatility and a possible resolution in favor of the bulls. Traders closely monitor this pattern as a breakout above the upper trendline can signify the end of the consolidation phase and the start of an upward move. The falling wedge, combined with the strong support line, adds to the potential upside momentum for silver prices. Confirmation Indicators To further validate the potential bullish scenario, traders may look for supporting confirmation indicators. These may include positive divergences in oscillators like the Relative Strength Index (RSI) or bullish candlestick patterns near the support line. Such indicators can strengthen the conviction in anticipating a bullish breakout and provide additional entry signals. Conclusion In conclusion, my analysis indicates a strong support line, a falling wedge pattern, and the support of favourable macroeconomic conditions, all pointing towards a bullish outlook. It's worth mentioning that my previous call on the same stock was well-timed , resulting in a ~ OTC:FNLPF 250% price increase. As I continue to closely monitor price action, I will consider these indicators and draw from my previous success when making informed decisions about investments in silver.
LSE:FRESLong
by joepegler