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Gold, Silver, and the U.S. Dollar
Review & Outlook
for the Rest of 2016

Originally Posted on 12/19/2016 @4:29am

I hope you have been well since the last blog post, before I move on I wanted to Thank you for every visit you have made to this website and I hope you will continue to come back in the future. 

I also wanted to let you know that the next two weekends 12/25/2016 & 01/01/2017, I do Not intend to be making any new blog posts. 

Gold & Silver -
Bull or Bear Market?

In the minds of many market traders, Gold and Silver are still in a bear market; however, as long as gold and silver finish 2016 above their lows for the year, it will be a positive signal for the future of the precious metals in the market’s psyche.  

Gold’s 2016 low was $1060.50, and Silver’s was $13.72; both lows were made in January of 2016. So far it looks like they should stay above this level; in addition, the end-of-year trade should have light volume.

Although Gold and Silver may come close to these levels as traders sell their losing assets to offset their Capital Gain taxes for the year, it would seem that gold and silver will be on the upside in 2016.

Time will tell if the bull or bear market will rule for gold and silver next year in 2017.

GOLD

Last week, gold continued to drop as the stock market continued to rise.  Also, the Federal Reserve raised interest rates, which didn’t help gold.  

As many of you know from reading the posts in this guide, the current stock rally has been largely influenced by Trump's rhetoric and the market's expectations concerning his campaign promises. This topic is further explored in the post titled: Trump's QE.

In the chart below, Gold’s ‘falling expanding wedge’ continues to grow wider, and its MACD and RSI (bottom indicators) continue to be on the floor.  All of these signals are bullish for the precious metal. 

I also highlight in the gold chart below the last rising trend line that can be drawn from gold's lowest price, which occurred in late 2015; there is one in silver’s chart too.

These are all positive signs for gold in early 2017; it needs to stay above the year’s low of $1060.50 to end the year on a positive note.

Charts provided courtesy of TradingView.com

Gold's Price Resistance &
Support Levels

Gold's Resistance Level

$1225.00

$1200.00

$1180.00

Gold's Support Levels

$1120.00

$1100.00

$1060.50

SILVER

Last week, silver continued to trade inside its falling expanding wedge, as seen below.

Silver's price decline is attributed to factors similar to those affecting gold, primarily the Federal Reserve's increase in interest rates.

In the chart below, I’ve indicated Silver's rising trend line and its 2016 low of $13.72, which it will need to stay above to have a positive year.

Charts provided courtesy of TradingView.com

Silver's Price Resistance and
Support Levels

Silver's Resistance Level

$17.10

$16.85

$16.45

Silver's Support Level

$15.85

$15.65

$15.15

US DOLLAR

The biggest reason the U.S. Dollar was up for the week was the same reason gold and silver were down: the Federal Reserve raised Interest Rates.                                                       (continued…)

Charts provided courtesy of TradingView.com

Typically, a strengthening dollar negatively impacts the stock market because a significant part of the U.S. economy relies on exporting goods. When the dollar appreciates, it makes American products more expensive for foreign buyers. 

In the chart above, the U.S. dollar has broken above the rising expanding wedge, which isn’t a good sign, as seen in the chart below from the Pattern Gallery.

There is also a possible head-and-shoulders top forming in the U.S. Dollar’s MACD & RSI (bottom indicators); however, they haven’t fully developed yet, so we’ll have to let time show how it plays out.

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

U.S. Dollar's Resistance Level

$103.50

U.S. Dollar's Support Level

$101.00

$100.20

$99.75

I hope you have a Merry Christmas & Happy New Year!

Stay Safe & God Bless ✟,

Steve

'Click Here' see all of the prior Blog posts,

Thank You for Your Time!

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