Gold & Silver Price Analysis – Sluggish Price Action Contained by Trend-lines

Gold/Silver Technical Highlights:

  • April trend-line keeping gold contained
  • Broader bear-flag development could be in store
  • Silver remains the laggard, kept down by t-line too

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

Gold battling April trend-line

Gold has been churning the past few days at trend-line resistance running down from the peak in April. A break on through will help bolster the case for longs, but only modestly so as resistance from around 1235 up to 1243 will yet need to be overcome if gold is to trade further into open space.

While a break higher could provide some short-term breathing room, more broadly speaking a bear-flag could be under development since the low in August. A break higher and further filling out of the pattern would mean it could be some time before an eventual bearish trigger, but a scenario worth thinking about on a move to the upper parallel from this summer towards the 200-day.

A move lower from the April t-line will have the August t-line quickly into view and will be important for gold to hold if

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