Gold Upward Trend Maintained; Silver Slowing Down
Swissquote Ltd | Feb 14, 2018 11:01
Gold upward trend maintained
Gold is recovering after its recent strong sell-off. Resistance is located at 1337 (12/09/2017) while further resistance remains at 1358 (08/09/2017). Supports are given at 1306 (04/01/2018 low) and 1290 (16/10/2017). The technical structure suggests further upside moves.
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 slowing down
Silver increase weakens, though reversing pattern pattern is maintained and points toward a rise around 16.75. Silver currently trades between hourly resistance at 17.07 (09/11/2017 high) and support at 16.03 (05/12/2017 low). The technical structure suggests further short-term increase.
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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