Where Next for Gold & Silver [Charts]

Markets have struggled to find a clear direction as they attempt to digest US election news, debate performance, the impact of increased Covid-19 restrictions in many countries and vaccine news.

The charts of gold and silver reflect the battle for dominance between the Bulls and the Bears.

Today’s silver chart is a bit more crowded and busy than usual.

Silver has continued to close just above the major trend line support from the March lows. It is also trading below both the 20 and 50 Day Moving Averages.

A close below this trend line support could signal further short term weakness for the white metal with support coming in at the recent low closes around $22.75. A close below this and from a technical point of view we wouldn’t see much support above the $19.50 support level which also happens to be where the 200 Day Moving Average is currently.

On the upside a close above short-term resistance at $24.30 and higher again at $24.75 opens up the potential for another test of resistance at $26.50.

Gold is currently testing resistance at $1,910 and continues to trade below the 20 Day Moving Average which is also proving to be resistance to an up move at the moment.

Further failure to close above either could signal another leg down and test of the significant support at $1,810, $1,750 or the 200 Day Moving Average at $1,722.

On the upside a close ab$1,910 would be very bullish for gold short-term.

Silver and in particular gold are taking their short-term directional signals from the stock market and the US dollar. Further sharp sell-offs in the stock markets and a rally in the dollar will weigh down the precious metals initially, as it always tends to. However, the arguments for holding gold and silver in this era of money printing and extreme financial, political and geo-political uncertainty have never been stronger.

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NEWS and COMMENTARY

Gold set for worst month in nearly 4 years on dollar bounce-back

Central Bank Gold-Buying Seen Climbing to About 450 Tons, from Near Decade Low

U.S. dollar share of global reserves dips in second quarter to 61.3%

Global stocks pull back as acrimonious U.S. debate stokes caution

Dow rebounds more than 300 points on stimulus hope to end first losing month since March

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

30-Sep-20 1883.40 1886.90 1468.49 1467.63 1609.74 1613.30
29-Sep-20 1882.40 1883.95 1461.87 1465.71 1610.02 1606.44
28-Sep-20 1850.95 1864.30 1440.78 1448.37 1589.41 1597.52
25-Sep-20 1870.05 1859.70 1467.05 1462.65 1605.25 1598.78
24-Sep-20 1850.75 1861.75 1453.21 1460.92 1588.68 1598.50
23-Sep-20 1888.10 1873.40 1483.48 1470.06 1611.49 1603.63
22-Sep-20 1903.10 1906.00 1487.46 1493.16 1621.63 1625.25
21-Sep-20 1930.90 1909.35 1503.21 1489.48 1638.18 1624.47
18-Sep-20 1954.75 1950.85 1505.16 1508.01 1647.85 1648.66
17-Sep-20 1936.10 1936.25 1494.67 1499.82 1642.78 1640.20
16-Sep-20 1964.80 1961.80 1521.15 1512.55 1654.56 1656.74
15-Sep-20 1963.55 1949.35 1523.13 1513.09 1652.13 1644.67
14-Sep-20 1942.30 1958.70 1511.69 1518.97 1638.14 1648.83
11-Sep-20 1944.50 1947.40 1519.82 1523.06 1639.41 1644.38
10-Sep-20 1944.80 1966.25 1493.41 1519.71 1643.74 1651.26

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Mark O'Byrne

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