Gold & Silver Price Analysis – Resistance Turns Bias Lower

Gold/Silver technical highlights:

  • Gold trades up into 1235/40-area, finds opposition
  • Turn lower could soon have 1214/10 back in play
  • Uninspiring price action setting silver up for more losses

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

Gold trades up into 1235/40-area, finds opposition

After gold broke free from the August-October trading range the targeted area of 1235/40 was finally met yesterday. The zone of resistance consists of an important low in December and of less importance the low from the summer, along with an upper parallel dating back to August.

The decline off just below 1240 was fairly swift and has the prospects of a weakness back in play. Barring a close above 1240 (paving the way towards the Dec ’15 t-line), a move back to the 1214/10 zone could soon be in store. If sellers arrive in earnest, a break below 1210 will have focus on the lower parallel from August.

From a tactical standpoint, resistance was proven yesterday as a real threat to the recent climb, and as such traders looking at

Article source: https://www.dailyfx.com/forex/technical/home/analysis/xag-usd/2018/10/24/Gold-Silver-Price-Analysis-Resistance-Turns-Bias-Lower-PRtech.html