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Precious Metals
Review and Outlook
01/16 thru 01/27/2017

Gold, Silver, the U.S. Dollar, Platinum & Palladium

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Originally Posted on 01/23/2017 @12:19am

Precious Metals Review & Outlook

Hello,

I hope that you and your family have been safe and well.

The order of this week’s Charts & Analysis is as follows:
Gold, Silver, U.S. Dollar, Platinum & Palladium.

GOLD

Last week, gold briefly paused at the $1200 level on Monday, then moved quickly to the $1215 level on Tuesday, before falling back to close the week at $1208.

Looking at the chart below, it looks like the price of gold will continue to consolidate around the $1200 - $1220 level before it continues to rise. 

Gold prices are expected to rise due to significant uncertainty in the markets, which is often referred to as gold's best friend. Additionally, a pattern has emerged on the silver chart (in the next section), providing positive signals for both gold and silver that suggest they may continue to rise.

Note: Silver and Gold generally move in similar patterns in their price charts.

'Falling Expanding Wedge Chart'
provided courtesy of Forex-Central.net

In addition, another bullish indicator on the gold and silver price charts is the 'Expanding Descending or Falling Wedge.'   Click the chart on the right for Forex-Central's definition of the Falling Expanding Wedge.

Gold's Price Resistance &
Support Levels

Gold's Resistance Level

$1250.00

$1220.00

Gold's Support Levels

$1200.00

$1180.00

SILVER

provided courtesy of Traders Setups Review

Silver started last week at the $16.80 level and ended the week at $17.05.

During consolidation, the price of silver has formed a Bull Flag pattern. To the right, you can see an example of a bull flag; click the image for a definition.

The price of silver, as shown in the Bull Flag pattern in the chart below, is expected to move higher and break above the pattern in the near future.

Charts provided courtesy of TradingView.com

Silver's Price Resistance and
Support Levels

Silver's Resistance Level

$17.50

$17.25

Silver's Support Level

$16.70

$16.50

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US DOLLAR

The U.S. Dollar continued its downward trend last week, dropping below the $101 level on Friday.  The large Rising Expanding Wedge that the U.S. Dollar is trading inside is a very large negative pattern and the price ultimately is expected to break below it.

In this week’s chart, I have highlighted the formation of a 'Descending Channel' in the U.S. Dollar chart. This is another negative pattern for the Dollar.

For the U.S. Dollar’s immediate future, it will likely trade between the $101.00 - $100.00 price levels, as the market looks to the Federal Reserve’s remarks at its next meeting on Jan. 26-27th.

However, it is doubtful that we’ll see any earth-shattering news after this meeting, so I'm expecting the U.S. dollar to continue to trade inside this channel.                                             (continued…)

Charts provided courtesy of TradingView.com

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

U.S. Dollar's Resistance Level

$103.50

$102.90

$101.00

U.S. Dollar's Support Level

$100.00

$99.70

Platinum

Last week, I wrote that Platinum’s price could be affected by news that the U.S. EPA accused the Fiat/Chrysler company of manipulating diesel vehicle software to pass emissions tests.

If the EPA’s charges are true it will likely hurt platinum because platinum is used primarily as a catalyst in catalytic converters for diesel engines. 

Link to 1/13/2017 article: E.P.A. Accuses Fiat Chrysler of Secretly Violating Emissions Standards - The New York Times

Last week, the Platinum price chart reached its crest (far left of chart below) and started to fall until a supply report about platinum & palladium was released on Friday 1/20/2017.

The report stated that the supply of PGMs (Platinum Group Metals) was down year over year, which gave strength to the price of platinum and palladium.

In addition, the Chinese extended a tax break to its citizens to buy small vehicles, which gave more momentum to Palladium because it is used more in catalytic converters for vehicles with gasoline engines.

For an analysis of the report that was released last week, read this article by MINING.COM : Palladium price surges to 22-month high.

Palladium

Last week, I posted the chart below, in it a negative Head-and-Shoulders pattern looked like it was forming.   You will see in the chart below it that last week the pattern didn't take shape and the price of palladium rose.                                            (continued...)

Charts provided courtesy of TradingView.com

After reassessing Palladium’s chart, I've identified a completely different bullish pattern in the Palladium chart, a 'Rising or Ascending Channel.'

Palladium has been trading in this Ascending Channel for over a year, and it doesn’t look like it will be stopping anytime soon. For the week to come, it looks like you can expect more of the same.

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Music

Numerous times this week, I heard this song; it originally came out in the early 90’s, and for the longest time I hadn’t heard it until lately. 

Then while I was writing this post, it came on again. I’m a fan of the song, and it has a great beat and lyrics.  A near-death experience inspired the writer of the song, as detailed in the origins of the song here.

So here it is...'Back to Life' by Soul II Soul

Have a Great Week.

Thank you for your time & God Bless (✟),

Steve

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