Gold Bearish Reversal; Silver Trading Sideways
Swissquote Ltd | Apr 10, 2018 11:29
GOLD (in USD) Bearish reversal
Gold is starting a bearish consolidation phase following recent recovery at 1338. Approaching the 1334 range. Hourly support and resistance remain at 1318 (14/02/2018 low) and 1349 (30/01/2018 high). The technical structure suggests short-term consolidation.
In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1,392 (17/03/2014) is required to confirm it. A major support can be found at 1,045 (05/02/2010 low).
SILVER (in USD) Trading sideways
Silver is pausing following recent rise at 16.56, heading along the 16.52 range. Silver is contained between hourly support and resistance given at 16.03 (18/12/2017 low) and 16.98 (15/02/2018 high). The short-term technical structure suggests short-term sideways trading moves.
In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading below its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).
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