Technical Analysis: Gold And Silver | Live Trading News

Technical Analysis: Gold And Silver | Live Trading News

Technical Analysis: Gold And Silver

Posted by: : Paul EbelingPosted on: June 27, 2014Technical Analysis: Gold And Silver

Gold

Gold closed lower Thursday.

The highrange close sets the stage for a steady to higher opening when Friday’s US session begins trading.

Stochastics and the RSI are Neutral to Bullish signalling that sideways to higher prices are possible near term. If Gold extends this month’s rally, the 62% Fibo retracement mark of the March-June decline crossing is the next Northside target.

Closes below the 20-Day MA crossing will confirm that a shortterm top is in.

Support: 1314.00, 1309.35, 1305.00, 1300.00, 1296.60

Resistance: 1318.10, 1324.35, 1331.50, 1339.75, 1348.40

Recommendation: buy gold above 1314.00 targeting 1330.00, 1338.00, then 1347.00 and stop-loss below 1300.00

Silver

Silver closed a bit lower Thursday.

The highrange close set the stage for a steady to higher opening when Friday’s US session begins trading.

Stochastics and the RSI are Neutral to Bullish signalling that sideways to higher prices are possible near term. If  Silver extends this month’s rally, the 75% Fibo retracement mark of the February-May decline crossing is the next Northside target.

Closes below the 20-Day MA crossing are needed to confirm that a top is in.

Support: 20.90, 20.70, 20.64, 20.60, 20.55

Resistance: 21.08, 21.39, 21.50, 21.75, 22.00

Recommendation: prefer to remain Neutral Friday.

Stay tuned…Paul EbelingHeffX-LTNThe following two tabs change content below.BioLatest PostsPaul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations.

Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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