Technical Analysis: Spot Gold And Spot Silver | Live Trading News
Technical Analysis: Spot Gold And Spot Silver
Posted by: : Paul EbelingPosted on: July 21, 2014Technical Analysis: Spot Gold And Spot Silver
Spot Gold
Spot Gold closed higher Friday as it extends some of Thursday’s rally.
The low range close sets the stage for a steady to lower opening when Monday’s US session opens.
Stochastics and the RSI are Neutral to Bullish signalling that sideways to higher prices are possible near term.
Multiple closes above the 20-Day MA crossing are needed to confirm that a short term low is in. If Spot Gold resumes the decline off July’s high, the reaction low crossing is the next Southside target.
Support: 1309.35, 1305.00, 1300.00, 1296.60, 1293.00
Resistance: 1314.00, 1324.35, 1331.50, 1338.00, 1348.40
Recommendation: Sell below 1331.45, stop-loss at 1338.00
Spot Silver
Spot Silver closed lower Friday as it consolidates some of Thursday’s rally.
The lowrange close set the stage for a steady to lower opening when Monday’s US session opens.
Stochastics and the RSI are turning Neutral to Bullish signalling that sideways to higher prices are possible near term.
Multiple closes above Monday’s high crossing are needed to confirm that a low is not. If Spot Silver renews the decline off July’s high, the reaction low crossing is the next Southside target.
Support: 20.90, 20.70, 20.55, 20.38, 20.24
Resistance: 21.08, 21.39, 21.50, 21.75, 22.16
Recommendation: Buy above 21.38 and sell below 20.55, risk-limit below 21.08, or stand asside for direction confirm.
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Paul Ebeling
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Paul 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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Technical Analysis: Spot Gold And Spot Silver | Live Trading News
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