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Mixed Signals
are in the
Gold and Silver Markets

Originally Posted on 12/04/2016 @2:09pm

by Steven Warrenfeltz

✟

Mixed Signals

This week, there are positive and negative technical patterns showing up in the charts.

However, there are also economic factors that'll be in the news that trumps (no pun intended) what the technical indicators are showing.

In the gold and silver charts below, there is minimal technical analysis because the economic factors described above could swing the prices in a moment's notice.

GOLD

In this week's Gold chart I’ve outlined a positive pattern known as an "Expanding Wedge."

The expanding wedge is a positive pattern because when you find this pattern in a price chart, the expectation is for the price to break through the top of it and move higher.   

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

$1150.00

$1125.00

$1100.00

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SILVER

Silver, like gold, is displaying an expanding wedge pattern on its chart. Additionally, it is forming an inverse head and shoulders pattern, both of which are bullish indicators for silver prices. These patterns suggest that the price of silver is likely to rise soon.

Charts provided courtesy of TradingView.com

Silver's Price Resistance and
Support Levels

Silver's Resistance Level

$17.25

$17.10

$16.85

Silver's Support Level

$16.15

$15.90

$15.65

US DOLLAR

For the last month, the U.S. dollar has been rapidly moving higher. Following the 2016 Presidential Election, the U.S. dollar surpassed its long-term resistance level of $101.00.

The formation of a head and shoulders top indicates a bearish trend for the U.S. dollar and suggests a positive outlook for Gold.

Charts provided courtesy of TradingView.com

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

U.S. Dollar's Resistance Level

$102.00

$101.00

U.S. Dollar's Support Level

$100.20

$99.75

Music

While I was writing this post, I listened to an acoustic station on the free side of PANDORA.

Before yesterday, I’ve never heard of this artist or the song, but I found a live performance of the song I heard; he’s a talented musician named Eliot Bronson and the song’s title is 'You Wouldn't Want Me If You Had Me.'

I’ve looked up his other songs, and I'm surprised he doesn’t have a bigger name. 

Here’s a playlist of his I found; Eliot Bronson Playlist (link updated)

Note: this website is not affiliated with Pandora.

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

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