[ChartWatch] Is the US Election the “Cork in the Bottle” for Gold and Silver?

Today we are taking our weekly look at the charts for gold and silver.

Republicans and Democrats continue to play the “will they, won’t they?” game over another stimulus package in a Covid19 ravaged US economy. An agreement on a package will ultimately be seen as positive for the markets but, with the US Election just weeks away this may prove to prolong negotiations or postpone decisions until the results of the election are clear and accepted by all.

Will Gold Now Retest $1,930?

As you can see from the gold chart below, gold has rallied on positive stimulus news and pulled back as negotiations stall.

After the previous “false break” above $1,910, gold once again closed above this level which opens up a retest of $1,930. However, the short-term upward trend line is providing support but is also helping to form what most chartists recognise as a bearish pattern.

GoldCore Gold Chart

A break of this support trend line opens up a retest of the $1,860 level and a break of that level would be short-term bearish for gold as there is not much in the way of support until $1,810.

Silver Remains Vulnerable to a Negative News Cycle

A similar pattern is emerging for silver as it retest $25.20.

A close above this level could be short-term bullish for silver and see a quick move up to test the $26.50 level again.

GoldCore Silver Chart

With this bearish pattern being formed with the upward sloping trend support line, silver remains vulnerable to a negative news cycle. A break lower opens up a retracement to the support level at $22.60.

As we have noted before if we break this level there is not much support on the charts until near the 200 Day Moving Average at $19.50.

Clarity on the US Stimulus package will help signal the next move in the precious metals markets. However, this now may not happen until we get clarity on the result of the US election.

When the cork is popped we expect this to be very bullish for both gold and silver. Now might be a great opportunity to position your portfolio to take advantage of the upcoming moves.

NEWS and COMMENTARY

Stocks and bonds yields climb as investors eye U.S. stimulus

Gold gains on renewed hopes of U.S. stimulus deal, weaker dollar

A ‘blue wave’ in U.S. elections could bring forward Fed rate hikes, says Morgan Stanley

Access Latest Goldnomics Podcast (Part II) Here

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

20-Oct-20 1906.35 1898.40 1469.61 1464.05 1615.44 1606.43
19-Oct-20 1910.00 1905.60 1468.41 1465.60 1624.65 1617.47
16-Oct-20 1908.20 1905.05 1475.42 1475.46 1629.22 1624.25
15-Oct-20 1891.70 1891.90 1460.01 1462.06 1615.89 1617.57
14-Oct-20 1896.45 1910.05 1466.15 1464.63 1616.91 1624.12
13-Oct-20 1920.80 1891.30 1471.33 1457.06 1629.03 1608.74
12-Oct-20 1891.35 1887.45 1460.12 1460.70 1608.03 1607.73
09-Oct-20 1912.40 1923.25 1478.48 1482.63 1620.76 1628.99
08-Oct-20 1891.35 1887.45 1460.12 1460.70 1608.03 1607.73
07-Oct-20 1888.00 1884.50 1464.33 1463.69 1605.56 1601.83
06-Oct-20 1912.50 1913.40 1472.82 1476.00 1623.33 1623.90
05-Oct-20 1899.65 1909.60 1467.48 1472.49 1616.41 1620.49
02-Oct-20 1906.40 1903.05 1473.46 1471.82 1627.87 1624.44
01-Oct-20 1895.55 1902.00 1477.01 1476.33 1615.96 1619.74

Buy gold coins and bars and store them in the safest vaults in Zurich, Switzerland with GoldCore.

Learn why Switzerland remains a safe-haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here

Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here

Mark O'Byrne

Also on news-goldcore-com

Videos

Jim Rogers 2022- The Worst Bear Market is Coming

Silver Price Prediction 2022: David Morgan

Gold In 2022- Very Bullish Chart Patterns Developing

Blog posts

Jim Rogers 2022- The Worst Bear Market is Coming

Legendary investor and adventure capitalist Jim Rogers joins Dave Russell of GoldCore TV to discuss the next bear market, China’s decline, and his top investments. Watch the full episode to learn more. Click the Video Below to Watch Make sure you don’t miss a single episode… Subscribe to our YouTube channel Silver Price Prediction 2022Watch ‘Silver Guru’ […]

READ MORE

European Energy Crisis: 4 Things You MUST Know!

European Energy Crisis: 4 Reasons You MUST Know! European households are facing rising prices on many goods and services, but one particular standout is electricity and gas bills. According to Bank of America, European household gas bills are expected to rise to €1,850 in 2022 from €1,200 in 2020 (an ~55% increase). Natural gas prices […]

READ MORE

Silver Price Prediction 2022: David Morgan

This week, ‘The Silver Guru’ David Morgan of The Morgan Report joins Dave Russell to explore what might happen in the silver market in 2022, as well as what makes silver the world’s most undervalued metal. Watch the full episode to learn more. Click the Video Below to Watch Make sure you don’t miss a […]

READ MORE

Featured

Gold posts its first loss in 11 sessions as Trump’s speech ebbs Iran war worries

READ MORE

China and Russia Are Buying Gold and They Don’t Care How Much It Costs

READ MORE

Gold Is Overvalued in Short-Term, Says Goldcore’s O’Byrne

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Jim Rogers 2022- The Worst Bear Market is Coming

Silver Price Prediction 2022: David Morgan

Gold In 2022- Very Bullish Chart Patterns Developing

Blog posts

Jim Rogers 2022- The Worst Bear Market is Coming

Legendary investor and adventure capitalist Jim Rogers joins Dave Russell of GoldCore TV to discuss the next bear market, China’s decline, and his top investments. Watch the full episode to learn more. Click the Video Below to Watch Make sure you don’t miss a single episode… Subscribe to our YouTube channel Silver Price Prediction 2022Watch ‘Silver Guru’ […]

READ MORE

European Energy Crisis: 4 Things You MUST Know!

European Energy Crisis: 4 Reasons You MUST Know! European households are facing rising prices on many goods and services, but one particular standout is electricity and gas bills. According to Bank of America, European household gas bills are expected to rise to €1,850 in 2022 from €1,200 in 2020 (an ~55% increase). Natural gas prices […]

READ MORE

Silver Price Prediction 2022: David Morgan

This week, ‘The Silver Guru’ David Morgan of The Morgan Report joins Dave Russell to explore what might happen in the silver market in 2022, as well as what makes silver the world’s most undervalued metal. Watch the full episode to learn more. Click the Video Below to Watch Make sure you don’t miss a […]

READ MORE

Featured

Gold posts its first loss in 11 sessions as Trump’s speech ebbs Iran war worries

READ MORE

China and Russia Are Buying Gold and They Don’t Care How Much It Costs

READ MORE

Gold Is Overvalued in Short-Term, Says Goldcore’s O’Byrne

READ MORE