Gold – Silver
Gold Spot very much remains in a sideways trend. On Thursday we wiped out all of Wednesday's strong gains to retest this week's low. Longs at what I thought was the best 1908/03 were unexpectedly stopped below 1895.
Clearly we remain in a sideways trend.
Silver Spot headed towards the apex of an ascending triangle.
Daily Analysis
Gold holding what should be first resistance at 1904/08 (although some times this levels holds & sometimes not in the sideways trend) is negative initially targeting 1896/95 (which held on all 3 tests last week). Further losses target 1890 before support at the 100 day moving average at 1882/80.
First resistance at 1904/08 but above here targets 1912/13. A break higher initially targets 1917/18. Above 1920 allows a recovery to 1925 & strong resistance at 1930/32.
Silver holds first support at 2450/40 (now 2445/35) all through Thursday & Friday but longs need stops below 2420. A break lower targets 2405/00 then 2360/50. On further losses look for 2310/00.
Holding holding first support at 2445/35 re-targets 2475/85 & first resistance at 2520/25. A break above 2540 is a buy signal.
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD struggles near multi-month low; remains below 0.6500 after Aussie jobs report
AUD/USD hangs near its lowest level since August 6 and remains below the 0.6500 psychological mark following the release of rather unimpressive Australian employment details. RBA Governor Michele Bullock said this Thursday that interest rates were restrictive enough and will not rise any further.
USD/JPY stands firm near multi-month top, above mid-155.00s
USD/JPY holds steady near its highest level since July 24, above mid-155.00s during the Asian session on Thursday and seems poised to prolong its appreciating move. The continuation of the Trump trade lifts the USD to a fresh YTD high.
Gold price remains vulnerable near its lowest level since September 19
Gold price enters a bearish consolidation following a four-day decline to a nearly two-month low amid oversold conditions on hourly charts. Any meaningful recovery, however, seems elusive amid the recent USD bullish run to a fresh YTD low, bolstered by expectations for US President-elect Donald Trump's expansionary policies and elevated US bond yields.
Dogecoin Price Forecast: Miners offload $240M as DOGE approaches risk zone
Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.