Gold and Silver Technical Outlook Remains Uncertain but Improving

Gold/Silver technical highlights:

  • Gold reversing after range-break could bring more upside
  • Solid resistance around 1214, trend-line
  • Silver strengthening, but whippy

Check out the intermediate-term fundamental and technical outlook in the Q4 Gold Forecast.

Gold reversing after range-break could bring more upside

Gold finally broke down from the range it had been in for almost the entire month of September, and on that we initially looked for lower prices to follow, however; it was noted that it could be a fake-out breakdown which results in a higher low from August.

With yesterday’s surge back into the range, the outlook is still somewhat murky, but improving as the higher lower and rally scenario start to gain traction. The top-side isn’t without its obstacles, though, and if gold is to make good on the jab lower and reverse, then it will need to break the Aug 28 high at 1214. A break of this important swing point will have all recent highs and trend-lines cleared for a leg higher.

But should gold once again find opposition upon arrival of resistance, then we’ll have to continue with a neutral to

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xag-usd/2018/10/03/Gold-and-Silver-Technical-Outlook-Remains-Uncertain-but-Improving-PRtech.html