Gold & Silver Price Analysis – Looking for More Downside

Gold/Silver technical highlights:

  • Gold turn off resistance has two variations of support in view
  • Silver bear-flag points to new cycle lows

See where DailyFX analysts see Gold heading into year-end and the expected drivers in the Q4 Gold Trading Forecast.

Gold turn off resistance has two variations of support in view

It has been a battle between sellers watching the Dollar rally and safe-haven buyers watching stocks tank, but for now the sell-side is starting to take control. Looking at price action in gold only, confluent resistance via longer-term price levels and the top of an intermediate-term channel kept a lid on the recent advance.

Friday’s key-reversal was the first sign this may be the case, and now we are seeing gold sink quickly towards its first level of support in the 1214/10 region. The upper part of the Aug/Sep range may help put a floor in, but should it fail to do-so then then the lower parallel of the channel will be targeted. The thinking on this end is that we will see the lower part of the channel.

Tactically, the key-reversal on Friday offered a sign of rejection and

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xag-usd/2018/10/31/Gold-Silver-Price-Analysis-Looking-for-More-Downside-PRtech.html