Market Update 8/16 – Gold and Silver Near Resistance

ByJamie Saettele

SPOT GOLD 4 HOUR

Gold is nearing the upper end of the cited range for resistance.  The level is defined by support/resistance since April and the 200 period average on the 4 hour chart.  I’m on reversal watch in gold.

8/12 – Silver made a new low and gold did not…non-confirmation!  Again, this is based on hourly data (as suspected yesterday).  Bottom line, the non-confirmation warrants a positive short term stance on precious metals.  1765/93 and 24.05 are resistance levels for gold and silver.

SPOT SILVER 4 HOUR

Silver is also fast approaching proposed resistance.  Again, the level in question is about 24.05 and is defined by the line that crosses former lows (red line).

EURUSD DAILY

EURUSD has traded into proposed resistance at 1.1800 but near term pattern is unclear.  In fact, another push higher would make the rally from the low in 5 waves and suggest that a more important low is in place.  If price does push slightly higher then watch for resistance near 1.1830.

8/11 – Keep it simple with EURUSD.  Price bounced today from horizontal support.  Former trendline support (red line) is now proposed resistance near 1.1800.  A move into there would align with a USDOLLAR pullback to 11900 or so.  The next downside level of interest for EURUSD is the well-defined 1.1600.

USDCAD 4 HOUR

USDCAD strength has resumed and focus is now on 1.2650/60.  The zone is defined by the April high and 61.8% retrace of the decline from 7/19.  The underside of the former trendline is closer to 1.2700.  Watch for near term support at 1.2530/40.

USDTRY 4 HOUR

USDTRY continues to weaken, in line with the bearish view.  The next bounce will represent a great short opportunity.  That level might be near 8.57, which is a well-defined horizontal level and currently the 200 period average on the 4 hour chart.

8/11 – USDTRY has been trading on the underside of the 2021 trendline for the last 4 days.  Today’s action took out the prior 4 days before price closed relatively unchanged.  I’m bearish against today’s high.

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Market Update: January 7

Market Update: January 7

ByScandinavian Capital Markets

USDOLLAR continues to hold the May 2015 low. The level is also defined by a parallel that is equidistant from the parallel that was resistance in September and November (magenta lines) when measured from the median line. This is an example of symmetry that we often see in median line analysis. I am looking towards the median line, about 11840, as long as the low holds. A short term structure is shown below that is in play and worth following. 11650 is possible support.

Market Update 3/31 – Gold Turning?

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Action in PMs is interesting following today’s turns higher in gold and silver. Silver turned up from beneath the early March low but gold never broke the early March low. This non-confirmation is typical at turns. I’m watching gold with a closer eye right now due to the trendline from the January high (the 2021 trendline). A break above would indicate a behavior change and shift focus to the center line of the channel from the August 2020 high near 1780.

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