Silver is Showing Gold
its Future

 In Their Short-Term Trade

Gold, Silver and U.S. Dollar Review & Outlook
04/24/2017 thru 05/05/2017





Originally Posted on 05/01/2017 @2:21pm


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Hello,

Thank you for visiting the Free-Bullion-Investment-Guide's latest blog post, I hope that you and your family have had a great week.

Before we get to this week's post; below are a few of Last Week's Best News Articles that were taken from this guide's homepage.


best news
First Post (India) - Gold sales expected to rise 30% this Akshaya Tritiya pent-up demand


Advancing Time - Central Banks Massive Incursion Into Buying Stocks


Bloomberg - Consumers Show Signs of Frailty


Knowledge Leaders Capital - Is the USD Bull Market Over and What That Would Mean for Your Portfolio


AUDIO : Financial Sense - When Things Get Crazy, Don’t Get Lazy – Focus on Risk!





Silver is Showing Gold its Future
in their Short-Term Trade


silver showing gold its future


SILVER


Last week, the chart below was posted, it showed a bullish pattern called a falling wedge

It was a false pattern…

silver price chart

This pattern was a false pattern because the price fell through the bottom trend-line of the wedge; as you can see in the chart (below).

Silver also broke through its ascending channel.

Silver's move below these two positive trend-lines is a premonition into gold’s future. (I’ll explain in the gold section below).

Note: 'Ascending' & 'Descending' Trading Channels always fail, when the price breaks either above or below a channel, it is a failure of the channel.   A break in a channel shows a change in the consensus of the asset’s market.

Sometime this week, we should see an end to silver’s falling price because its RSI is in oversold territory, plus, it has good support between the $17.20 and $16.80 levels.

silver price chart

charts provided courtesy of TradingView.com




Silver's Price Resistance &
Support Levels

Silver's Resistance Levels

$17.90

$17.70

$17.50


Silver's Support Levels

$17.20

$16.80

$16.70





GOLD

Earlier this year, this guide posted several posts that showed you how gold was leading silver in their short-term trade: Gold leads Silver and Gold Still Leads Silver.

Then in the ‘Freak is back on a Leash' blog post, I showed you that silver took back the lead from Gold and resumed its traditional position.

Silver is still leading Gold, and in silver's charts above it is showing us gold’s future. 

Gold’s price is currently being held up by current events: the Final French Presidential Elections on May 7th, the conflict in Syria, and the tensions with North Korea.

If there isn’t a surprise in the French Elections or if tensions don’t rise in Syria or North Korea, we can expect to see gold follow silver and fall in price.

Last week, the chart below was posted, it showed gold trading inside two negatives (bear) patterns, a ‘rising wedge’ and a ‘rising expanding wedge.’

gold price chart

In the chart (below), we see that gold fell below the ‘rising wedge pattern’ (confirming it) and it is now trading on the ‘rising expanding wedge’s' support level.

This week, it will be up to current events to determine gold’s direction.

If things in the world get worse in the mind of traders, we will see gold rise.

However, if things don’t get worse, we will see gold confirm the rising expanding wedge pattern and come closer to trade near the bottom of its ascending channel.

gold price chart

Charts provided courtesy of TradingView.com




Gold's Price Resistance and
Support Levels

Gold's Resistance Levels

$1300.00

$1290.00

$1270.00


Gold's Support Levels

$1250.00

$1250.00






US DOLLAR

In last week’s U.S. Dollar chart, below, it showed a bullish pattern called a falling wedge

Just like the one in silver’s chart, it too was a false pattern, but for different reasons.

(continued....)

2017 - April 9th - US Dollar Price Chart

Silver fell in price because unlike gold, it trades more as a commodity than a safe haven currency. 

The U.S. dollar fell because it too trades like a safe haven currency, and when traders saw the results of the French Presidential Election's first round, they liked what they saw and sold the U.S. Dollar and bought Euros.

Fundamentals Always trump Technical Analysis.

The rise of the Euro is what caused the big drop in the price of the U.S. Dollar, and it is why the dollar is now trading along the bottom support level of the rising expanding wedge (bear pattern).

The final vote for the French elections will be on May 7th, traders will be happy if Macron wins.

If that is the outcome, we can expect the dollar to fall below the rising expanding wedge’s bottom level – confirming the bear pattern.

U.S. Dollar price chart

Charts provided courtesy of TradingView.com




U.S. Dollar's Price Resistance and Support Levels

U.S. Dollar's Resistance Levels

$99.75

$99.50

$99.20


U.S. Dollar's Support Levels

$98.30

$98.00

$97.60





Music

This weekend I listened to a lot of Alice in Chains, I have many favorites but this one is in my top five.

Alice in Chains - Nutshell

Have a Great Week.

Thank you for your time & God Bless,

Steve





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