Gold Fading Near Key Resistance At 1255; Silver Recovery Failure
Swissquote Ltd | May 28, 2018 10:56
Gold (in USD) Fading near the key resistance at 1255
Gold's rally was halted by downtrend resistance. at 1308. Hourly support and resistance are given at 1263 (21/12/2017 low) and 1329 (08/03/2018 high). The technical structure suggests short-term downward 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). The pair is trading below its 200 DMA.
Silver (in USD) Recovery failure
Silver rebounded after moving below the support at 1.1754 yesterday. However, the short-term succession of higher lows continues to favour a bullish bias. Hourly support and resistance are given at 16.05 (19/12/2017 low) and 16.87 (06/03/2018 high).
In the long-term, the trend remains negative/sideways. Further downside is very likely. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009). The pair is trading below its 200 DMA.
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