Market Update – August 17
Silver made a 2 bar weekly volume reversal last week. Volume reversal logic is explained here. The only other signals with the same volume requirements occurred in December 2010 and April 2011.
Sterling Lifted By Brexit Deal Hopes, Easing Lockdown Restrictions
The British Pound remained on the front foot in early trading on Friday amid rising optimism over a Brexit deal and easing lockdown rules in the UK. Sterling remains near a 5-month high and is currently holding above the key psychological level of 1.30.
Rollercoaster in Gold Continues Amid Rising Treasury Yields, Stronger Dollar
Gold extended its losses in early trading on Wednesday, before rebounding sharply. The yellow metal fell by over 5% on Tuesday, marking its worst day in 7 years.
Dollar Underpinned By Upbeat Economic Data
The greenback remained on the front foot in early trading on Monday, after Friday’s better than expected US employment report.
Market Update: Big CAD Levels Nearby
After some back and fill, silver blew through 26. The recent parabolic move could run into a ceiling near 33.80. This is based on a parallel related to the 1971-2001 trendline. This parallel crosses highs in 1974, 1987, and 2008.
Market Update – August 6
Expanding on yesterday’s gold chart (remember that the Fibonacci measurement is 2095…today’s high was 2070…), daily RSI is now 89.8. The indicator has been this high just twice before; January 1980 (twice) and September 1999.
Silver Soars to Fresh 7-Year Highs
Silver climbed to its highest levels since April 2013 in early trading on Wednesday, while gold rose to new record highs above $2,000 an ounce. The move comes after July’s 34% rally, marking silver’s largest monthly gain since December 1979.
Market Update – August 5
There are similarities between the current gold rally and the rally into the 2011 top. Price has met the line off of the February and August 2019 highs (highs of proposed waves 1 and 3).
Market Update – August 4
USDSEK nailed support and reversed higher on Friday from the noted channel extension and Fibonacci relationship. I’m looking for a sizable rebound in the coming weeks and maybe longer. Near term levels to pay attention to are the center line of the channel from the March high near 8.89 and the upper parallel, which is currently about 9.10.