A Bearish Pattern has Formed
in
Silver and Gold's Charts

'Review & Outlook'
for the U.S. Dollar, Silver, and Gold



Originally Posted on 11/12/2018 @  1:06 pm EST

by Steven Warrenfeltz



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Before we get to this Review & Outlook, below are some of the Best Bullion Market-Related News articles that were taken from this guide's home page, over the last several weeks.


hard news
Fed’s R-Star Is A Black Hole - Dr. Ed's Blog


Video: Investors feel abandoned by Jerome Powell: Former Federal Reserve insider - Bloomberg


The State of the American Debt Slaves, Q3 2018 - Wolf Street


Margin Debt and the Market - Advisor Perspectives


The US will issue over $1.3 trillion in new debt in 2018, the highest amount since the depths of the recession - Business Insider


Video: Exclusive interview between Strategic Intelligence editor Jim Rickards and Hedgeye CEO Keith McCullough - Hedgeye


Fed’s Restrictive Chatter Rattles Stocks - Dr. Ed's Blog


This Metal Will Soon Be More Precious Than Gold - Daily Wealth


Opinion: The Federal Reserve Should Let the Private Sector Lead in Modernizing Payment System - THE DAILY CALLER


pdf: Silver Institute's October Review Journal - Silver Institute


London Gold Body Plans to Okay Blockchain Trackers - Economic Times


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Gold NanoParticle Cancer Research


Gold Nanoparticle Cancer Research Report #11 - Free Bullion Investment Guide


Nano-Medical Research: Bar-Ilan University: Nano-Institute at the Cutting Edge of Medical Research - Health Europa


11/04: Gold Nanoparticle Cancer Research: Exploradio Origins: Mining Properties of Gold to Treat Cancer - WKSU






silver and gold




Before we move on to this week's 'Review and Outlook,' I first wanted to apologize if some of the vertical wording in the charts.

I had planned to make today's blog post the first to be on video, however, due to a small cold, in each take (which many were made) I was unable to finish narrating a full video.

Because of this, and the fact that I didn't want to throw away all the work that I did for this blog, I had to resize the charts to fit the parameters of this website, in addition, the blog is being posted a little later than originally planned.

After I completed the chart re-sizing process, I thought some of the vertical writing in the charts was hard to read, and perhaps you may too, if so, please accept my apologies.

As for when I plan to start posting these blogs in video format, I cannot give you a set date, however, I do hope to start doing them sometime in the relatively near future.






Review & Outlook
Layout


The order of the asset analysis below:

  • U.S. Dollar
  • Silver
  • Gold

Each asset below has three sections.

  1. In the 'review' section, a copy of the previous outlook for an asset is posted.
  2. Next, you'll find a 'review - continued' section where there is a brief review of how accurate the previous outlook was.
  3. Finally, you will find an 'outlook for the week ahead' for each of the assets below.




All the charts on this blog are Daily Charts unless noted otherwise.






US DOLLAR


In Review

The 'In Review' section of this blog, analyzes the last blog post's outlook, below is the commentary and chart from the last blog's outlook.  The last blog post was titled 'What's Going On? Market Overview.'

The outlook for the dollar mostly depends on fundamentals and which way the election swings in three weeks.

Technical analysis is virtually useless until after the election.

If the Democrats take control of the House of Representatives it will likely cause the dollar to fall because economic expansion could be jeopardized.

However, if they don't win the 'House,' then we can expect to see the dollar rise higher.

Time will tell.

Over the next three weeks, it's likely we'll see the dollar move sideways as it skirts along the $95.00 Support / Resistance level.


u.s. dollar price chart

Charts provided courtesy of this Guide's Affiliate - TradingView.com


U.S. Dollar - In Review - continued

As it is stated in the 'Review' chart below, the price of the U.S. Dollar did not skirt along the $95.00 support level over the last several weeks.

Instead, the dollar rose in price after the last blog post, some of the rise was due to uncertainty behind the Mid-Term Elections as traders searched for a liquid safe-haven, and some of the dollar's movement was due to the Federal Reserve's constant talk that higher interest rates are needed.

So, the U.S. Dollar didn't do as expected in the last review, it rose to the $97.00 price level before it broke down and now it's on the rise again.


u.s. dollar price chart

U.S. Dollar - Outlook

In the U.S. Dollar's outlook chart below, you can see that the dollar is currently trading inside a narrow 'Ascending Channel.'

Narrow Channels rarely stay intact for very long, so this one is expected to break sometime in the near future, the question is;

Which way will it break?

Right now that question cannot be answered, but in the immediate future, the dollar's outlook indicates that it will continue to move higher inside the channel.


u.s. dollar price chart

Charts provided courtesy of this Guide's Affiliate - TradingView.com





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


U.S. Dollar's Resistance Levels

$97.00


U.S. Dollar's Support Levels

$95.00

$93.00





For Bitcoin (BTC/USD) and Stellar (XLM/USD) Analysis

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SILVER

In Review

In the last blog post title; 'What's Going On? Market Overview' the outlook commentary and chart below was posted for silver. 


Silver's currently bouncing between $15.00 and $14.00, its trajectory is moving higher, but it is still trading inside the Pitchfork, which isn't good.

For silver's outlook, more of the same is expected until after the election, (edit) - expect a) sideways movement with an upward slant.


Silver Price Chart

Silver - Review - continued

In the silver chart below, you can see that its price did move sideways shortly after the last blog post, and in doing so it broke the descending 'Andrew's Pitchfork.'

However, shortly thereafter, the price of silver fell in price and even though it did rise back up to its original level before it fell, it fell again.

So, the price of silver did not move sideways with an upward slant, it moved sideways with a downward slant.


Silver Price Chart

Silver - Outlook


In silver's outlook chart below, you can see the 'Bearish Pattern' that has formed in its chart.

The pattern is a Bearish or Negative Pennant.

The price of silver could trade inside the pattern for a little while, however, it is expected to continue to fall in price and confirm the pattern sometime in the near future.

Silver does have two strong support levels below the Bearish Pennant, the first is the $13.90 level (shown) and the next is the $13.60 price level (not shown).

So silver's outlook is for it to confirm the 'Bearish Pennant' in the next week or so, but it should find support between the $13.90 to $13.60 price levels.


Silver Price Chart

Charts provided courtesy of this Guide's Affiliate - TradingView.com





Silver's Price Resistance &
Support Levels


Silver's Resistance Levels

$15.60

$15.00


Silver's Support Levels

$13.90

$13.60






For Bitcoin (BTC/USD) and Stellar (XLM/USD) Analysis

bullionguide




GOLD

In Review

The following chart and commentary was posted in gold's last outlook.


Gold's break above the Pitchfork is a good sign, and it could be a sign that a bottom has been found, but, I'm not convinced yet until after the U.S. Congressional election.

For gold's outlook, I've tried to find a technical pattern in gold's chart, but there aren't any, fundamentals will drive gold's move over the next three weeks, which will likely move like silver; sideways with an upward slant.

Overall, depending on how the polls look, as the election draws near, Gold will move depending on how each political party looks.

If the Democrats take control of the House of Representatives, then we'll likely see gold (and silver) spike, but if the Republicans hold, we'll likely see more of the same out of gold.

Time will tell.


Gold Price Chart

Gold - Review - continued


In gold's review chart, you can see that it moved much in the same way that silver did, however, it had greater falls in price giving it a sideways movement with a 'downward slant,' not an upward one.

In addition, although the Democrats did win the House of Representatives, many of the seats that they won were close races, meaning although I expect the Democrats to investigate President Trump, it's doubtful that they'll be able to get the votes to impeach.

So, that is why the price of gold and silver did not spike in prices after the election because even though the Democrats will take control of the House in January, had they won with a larger majority of representatives we would have seen more uncertainty in the markets and gold and silver move higher.


Gold Price Chart

Gold - Outlook

In gold's outlook chart below, you can see that like silver it has also formed a 'Bearish Pennant.'

Inside the pennant, is the resistance level of $1245.00 and the support level of $1195.00, gold does not look like it will be testing the resistance level anytime soon.

Instead, gold's outlook is showing that it will confirm the bearish pennant to the downside sometime in the near future, and test the $1195 support level at the same time or shortly thereafter.


Gold Price Chart

Charts provided courtesy of this Guide's Affiliate - TradingView.com





Gold's Price Resistance and
Support Levels


Gold's Resistance Levels

$1245.00


Gold's Support Levels


$1195.00

$1120.00

$1045.00







Thank You for Your Time.

Take Care & God Bless,

Steve




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