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Gold, Silver, and the U.S. Dollar
Weekly Review & Outlook
10/17-28/2016

Originally Posted on 10/23/2016 @4:34pm

by Steven Warrenfeltz

Review

For the first half of last week, gold and silver turned up in price, and the dollar consolidated.

Then, on Thursday, Mario Draghi, the ECB (European Central Bank) president, confirmed that the ECB would continue its QE until March 2017.

Normally, Gold and Silver would dip in price from the ECB news, but they didn't because they are currently being held up by the 'Big Unknown' a.k.a. The U.S. Presidential Election.  

I'm not going to say much about the elections because there are so many unknowns, but here's what you can expect next week.

Don't expect much out of the Federal Reserve before the U.S. Election; Gold and Silver will probably trade sideways because nobody is counting on the Fed to raise rates at its November 2nd meeting. 

In addition, the third quarter GDP report is going to come out on Friday (10/28/2016).  The biggest thing to keep in mind until Nov. 8th is that all eyes are fixed on the results of the U.S. Presidential Elections.

Outlook

GOLD

The week ahead, I expect to see more of the same as last week; gold will likely move sideways, with an upside bias, until election day.

In addition, Gold's MACD and RSI are still in oversold territory, so we should see Gold move up in price this week.  Also, after Friday's GDP report is announced, we may see Gold move up late in the week.                                                                     (continued....)

Charts provided courtesy of TradingView.com

Gold's Price Resistance & Support Levels

Gold's Resistance Level

$1300.00

$1280.00

$1270.00

Gold's Support Levels

$1250.00

$1225.00

SILVER

Over the last week, silver has continued to trace above its rising trend-line (as seen in the chart below).

Like gold, I expect more of the same movement for the week ahead, but silver will need to stay above this rising trend-line for it to have a brighter short-term.

Furthermore, as mentioned in the gold section above, like gold, silver's MACD and RSI are still in the oversold territory, so a rise in price is almost expected.

Charts provided courtesy of TradingView.com

Silver's Price Resistance & Support Levels

Silver's Resistance Level

$18.50

$18.00

$17.75

Silver's Support Level

$17.50

$17.40

$17.10

US DOLLAR

As mentioned in the intro, the US Dollar moved up late in the week due to the ECB's announcement about its QE program.

Like gold and silver, I don't expect much out of the U.S. Dollar until after the elections. Although the dollar may drop in price if the GDP numbers come out lower than anticipated.            (continued...)

Charts provided courtesy of TradingView.com

Lastly... yesterday (10/22) was my parents' 50th Wedding Anniversary.  I give thanks to Jesus Christ for their marriage.

God Bless and I hope you have a Great Week! 

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