Technical Analysis

XAU In a Fight at Significant Resistance

Technical outlook for gold / silver prices

  • Gold maintains stable resistance around the main junction
  • Silver continues to move its way higher, without, however, achieving significant resistance

Gold and silver price analysis: XAU in the fight against resistance

Earlier in the week, Gold noted the top of a wide channel from August, which is almost an exact addition to the 200-day moving average. The initial withdrawal was not unexpected given the importance of the resistance.

What we want to see now is whether gold will soon be able to resist. The strong breakthrough above could have significant long-term consequences and could mean the end of a long corrective period in the context of a large bull market.

If this is the case, the trading principle would go a long way in the near future if the old highest level in 2075 is targeted. Of course, all this would not happen in one big quick move, but it can offer good trading.

If the gold stays within the channel, it is obviously kept under control. The lowest trend line at the end of March is first supported by the top of a small range that controls just under 1,800.

Golden daily chart (here’s the big place on the chart)

gold agenda card

Gold chart by TradingView

Silver will not be as large at the intersection as where gold is, but if precious metals continue to be traded above XAG /USD There are some notable levels to fight between ~ 28.30 and 30. Currently, the focus is on the lowest level increase at the end of March.

Hold above the lower parallel and the trading principle will focus on the longer side. Under the lower parallel and horizontal support, there is a breakdown of about 26.64 to shift the focus towards the 200-day and trend line lower than in March 2020.

Silver day schedule (higher channelization)

silver daily card

Silver table by TradingView

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—Wrote by market analyst Paul Robinson

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