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Which Way Will
Gold and Silver Move?
in their short-term trade

Precious Metals Review and Outlook from
8/04 thru 8/18/2017

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Originally Posted on 08/14/2017 @8:09 am

Last Edited on 08/14/2017 @11:09 am

by Steven Warrenfeltz

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Hello,

Thank you for visiting the Free-Bullion-Investment-Guide's latest blog post, I hope that you and your family have been Enjoying the Summer!

It's been two weeks since I posted, so before we get to this week's post below are some of the Best Bullion Market-Related News articles that were taken from this guide's homepage.

Greenspan's Legacy Explains Current Conundrums - Bloomberg View


Gold Demand Trends Q2 2017 - WGC


U.S. Mint will start selling palladium American Eagle bullion coins in September - Coin World


VIDEO : Rick Santelli Interviews the Fmr. IMF Chief Economist, Kenneth Rogoff and Author of the "Curse of Cash" (A glimpse into a banker's point of view in monetary policy) - CNBC


PMANA requests House Committee on Ways and Means to bring fairness to the taxation of precious-metal coins and bullion - Mint News Blog


RAY DALIO: Risks are rising, and everybody should put 5% to 10% of their assets in gold - Business Insider


The Fed Remains on Course – To Trouble - Cobden Centre


VIDEO : National Alliance Securities' Andy Brenner & CNBC's Rick Santelli discuss central bank policy & European economic reform. - CNBC


This Is the First U.S. Coin, Says Numismatic Scholar - Gainesville Coins

Best of the Week for Gold NanoParticle Cancer Research

Researchers Look To Gold To Help Combat Prostate Cancer


GOLD NANOPARTICLE : CANCER RESEARCH : Gold nanoparticles could be used to treat cancer, scientists say - The Independent

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'Question Mark' graphic courtesy of Pixabay.com

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Which way will gold and silver go this week?

That’s a question many have offered their thoughts on, but nobody really knows.

Why?

Because fundamentally as long as North Korea continues to threaten the United States and its Allies with a missile strike of some kind, there will be investor’s looking to buy gold and silver as a safe haven.

However, after studying the gold and silver charts over the last two weeks, technically speaking the price charts are showing that a pullback is coming.

So, if Kim Jong-Un does the unthinkable and attacks one of our allies or us, then you can expect gold and silver to move higher, but if tensions ease and the war rhetoric, then you can expect one or more of the technical patterns in the gold and silver charts (below) to be confirmed.

I haven’t posted a blog post in two weeks, mostly because the technical patterns in my last post had not been confirmed or denied yet, plus, nothing new had formed in the charts, so it seemed, to me at least, to be redundant to waste your time with more of the same.

However, things have changed, a little, but little enough to post, so let's first review what was posted two weeks ago then we will move on to what the technical patterns in are saying in the charts for the week ahead.

This week’s Precious Metals Review and Outlook includes Gold, Silver, US Dollar and an update on the GDX.

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GOLD

In Review

Below is the commentary and chart from two weeks ago.

In the chart below, a 'Rising Expanding Wedge' has been identified in gold’s chart.

As you can see in the small example chart, to the right,  a rising expanding wedge is a negative pattern.

However, Gold’s MACD and RSI are indicating that perhaps gold may try to hold this level or try to move higher.

But, there’s a lot of resistance between the $1280 to $1300 price levels, so if gold does move up it's doubtful it will push above this level at this time.

Plus, the 'Rising Expanding Wedge' is telling us a transition will happen sometime in the near future for gold, so unless something fundamentally changes, it seems pretty likely that by the end of this week we will be looking at a lower price than we see today.

Gold - This Week's Outlook

As you can see in the chart below, everything that was posted two weeks ago is still playing itself out.

Gold is still trading inside the 'Rising Expanding Wedge' and it is now trading inside the resistance zone between $1280-$1300, but it has also formed another negative 'Rising Expanding Wedge' pattern.

So, if fundamentals change, meaning that if tensions between the United States and North Korea ease, then you can expect gold’s price to be correcting sometime in the near future.

Charts provided courtesy of TradingView.com

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Gold's Price Resistance and
Support Levels

Gold's Resistance Levels

$1300.00

$1290.00

Gold's Support Levels

$1260.00

$1240.00

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SILVER

In Review

Below is the silver commentary and chart from two weeks ago.

For the week to come, silver’s MACD and RSI are indicating that it may move a little higher, but like gold, it too has formed a negative ‘Rising Expanding Wedge,’ so a change in direction or transition is expected for silver in the near future.

By looking at the chart below you can see that on 8/02/2017, silver confirmed the 'Rising Expanding Wedge' in the chart above.

Silver - This Week's Outlook

Now that silver has confirmed the 'Rising Expanding Wedge' from two weeks ago, it has now created a new one.

In the chart below, you can see that the new Rising Expanding Wedge is still mostly moving upwards, the MACD and RSI are giving mixed messages.

The MACD says 'silver may have more room to move up,' while the RSI is saying 'things may change sooner than you think.'

But, actuality says 'Fundamentals currently hold all the cards' so it matters if the tensions between North Korea and the United States increase or decrease.  

So, if tensions decrease, the rise in the price of silver will subside and technical patterns are showing us to expect a pullback.

charts provided courtesy of TradingView.com

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Silver's Price Resistance &
Support Levels

Silver's Resistance Levels

$17.75

$17.20

Silver's Support Levels

$16.50

$16.10

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US DOLLAR

In Review

Below is the U.S. Dollar's commentary and chart from two weeks ago.

The opposite of what we’ve seen in gold and silver’s chart has now been identified in the U.S. Dollar chart, below.

A ‘Falling Expanding Wedge’ has been identified in the U.S. Dollar chart and it is a positive indicator, so sometime in the near future we should see a rise in the U.S. Dollar.

Plus, as the chart shows it is expected to rise up to the $94.50 to $95.00 price level to break the upper resistance trend-line of the ‘expanding falling wedge.’

Over the last two weeks nothing much has changed with the U.S. Dollar.

It is still trading inside the 'Falling Expanding Wedge,' its moved up a little, but it hasn't moved up very much. 

In addition, it certainly hasn't come close to reaching the upper trend-line of the 'Falling Expanding Wedge,' that I mentioned in the last post. 

U.S. Dollar - This Week's Outlook

In the chart below, we can see that the U.S. Dollar is basically trading sideways inside the Falling Expanding Wedge.

But it is still expected to confirm the pattern, so sometime in the near future, we should see the dollar rise breaking the upper trend-line of the 'Falling Expanding Wedge, confirm it.

Charts provided courtesy of TradingView.com

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

U.S. Dollar's Resistance Levels

$95.00

$94.50

U.S. Dollar's Support Levels

$92.70

$92.00

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GDX - Gold Miners ETF -
Review & Update

Several weeks ago, I reviewed the GDX ETF chart, below is the chart I posted.

Once in a while, I review other technical analyst's technical analysis, but whether or not I agree or disagree, I rarely post contradictions.

This weekend I was reading this post 'here' on 321gold.com and when I came to the GDX chart in the article, I looked at my chart and found some differences.

This link will take you to the GDX chart in the post 'here.'

Below, is an updated view of the my chart above.

(continued...)

Trading View GDX Chart

After I looked over the chart in the article again, I wanted to be completely fair, the author of the post used StockCharts.com's charts (not TradingView.com) and the chart is dated from mid-December 2016 - August 13, 2017, below is a StockCharts.com comparison.

I'm posting this update to show you that from my experience, the GDX  hasn't broken the 'Falling Wedge' yet, although because of the nature of the falling wedge, it is expected to do so sometime in the future.

So lastly, we'll see what the price of the GDX does this week, and I'll update you next week on what happens.

Stock Charts GDX Chart

Charts provided courtesy of TradingView.com

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Thank You for Your Time.

Have a Great Week.

God Bless, Steve

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