The Road of Uncertainty is Silver and Gold's
Best Friend

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



Originally Posted on 1/06/2019 @  6:45 pm EST

Last Edited and Updated on 1/07/2019 @ 9:27 am 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 week.


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For those who read this blog, you know that I've often stated one way or another that market uncertainty favors silver and gold.

Being curious, wondering how many times I've stated it, I looked up the word 'Uncertainty' in the new search bar found at the top right of every page of this guide and came back with 28 results.

So where is the uncertainty coming from in today's markets?

  • The Federal Reserve blindly raising interest rates in a volatile market
  • A ongoing Trade War with China that doesn't seem to have an end, yet.
  • The U.S. Government Shutdown that is at an impasse over immigration.

Uncertainty can also be called a Chart Technician's nightmare because technical analysis rarely does what the patterns on the charts show what should happen.

So, I guess, I'm a glutton for punishment because one of the patterns in the charts, from the last review and outlook, below, was kind of confirmed, while others were completely off the mark.

But, the fact remains that these proven technical price patterns are showing up in the asset charts of this blog and when gold and silver get off the Road of Uncertainty, they will likely move as the patterns suggest.







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

In each of the 'In Review' sections of this blog, you'll find analyzes the last blog post's outlook.

Below is the analysis and chart from this guide's last blog's outlook for the U.S. Dollar. 

In the U.S. Dollar's outlook chart, below, a positive 'Falling Wedge' pattern has formed.

The dollar looks to have some room to trade in the positive pattern before it moves up to break and confirm the pattern, it's unknown as to whether that will happen before or after New Year's Day, but it should happen soon.


u.s. dollar price chart

U.S. Dollar - In Review - continued

In the 'Review Chart' below, the U.S. Dollar broke above the positive 'Falling Wedge' pattern, shortly after chart above was posted.

However, above, in the introduction to this blog post, I stated that "one of the patterns in the charts, from the last review and outlook, below, was kind of confirmed" the pattern in the chart below was what I was talking about.

Had the 'Falling Wedge' pattern been convincingly confirmed, the price of the U.S. Dollar would have continued to move up in price after it broke the upper trend-line of the pattern, but that didn't happen.

Instead, the dollar broke the pattern, and then fell in price, but then it broke back up through it again, only to move lower again.


u.s. dollar price chart

U.S. Dollar - Outlook

In the U.S. Dollar 'Outlook' chart below, it has formed a Descending Channel.

The channel is narrow, and narrow channels are meant to be broken, and when they break they give a better idea as to which way the price of any asset will move in the future.

As for now, there are no other patterns in the U.S. Dollar chart, but as you can see the dollar has been moving sideways for the last few months, so if the $96.00 support level holds, we may see some more sideways movement.

So, if the support level holds, like it has in the past, we may see the dollar take a bounce and breaking the channel to the upside.

But, if the $96.00 support level doesn't hold, the channel is likely projecting the dollar's future trajectory, time will tell.


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

$98.00

$97.70


U.S. Dollar's Support Levels

$96.00

$95.00







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SILVER

In Review

In the last blog post titled: Merry Christmas and a Happy New Year the outlook commentary and chart below was posted for silver. 


In silver's 'Outlook' chart below, the precious metal has formed a 'Rising Wedge' pattern.

The pattern is a negative pattern, so it's expected to break and confirm it, to the downside, sometime in the near future.

However, from the way silver and gold have been moving lately, silver could easily climb up inside the pattern before it confirms it.

Time will tell.


Silver Price Chart

Silver - Review - continued

In Silver's Review chart below, you can see that silver broke up through the 'Rising Wedge' pattern shortly after the chart above was posted.

In breaking above the negative patterns upper trend-line, silver denied the rising wedge's expected effect on an its price.


silver price chart

Silver - Outlook


In silver's outlook chart below, it has formed a negative 'Rising Expanding Wedge' pattern.

If uncertainty continues to grip the markets, silver could easily climb up inside the pattern, but it is a negative pattern, so it is expected to fall below and break its bottom trend-line sometime in the future.


Silver Price Chart

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





Silver's Price Resistance &
Support Levels


Silver's Resistance Levels

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$16.00


Silver's Support Levels

$15.25

$13.90







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GOLD

In Review

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

For Gold's outlook chart below, the precious metal has managed to climb up to its 'Long-Term Resistance Trend-line at the $1270 price level.

The Long-Term Resistance Trend-line used to be a major support level for gold until it broke it, last July, however, now this Trend-line is a major resistance level for gold, and it should be hard for it to break it.

If it does break through the Trend-line it will be a good sign for gold but, the Expanding Rising Wedge is still intact, and looming over gold's price.

So, as long as the negative Rising Expanding Wedge pattern is relevant, and by assessing the chart (below) using Technical Analysis, the price of gold is expected to confirm it by falling below the wedge's lower trend-line, sometime in the near future.


Gold Price Chart

Gold - Review - continued


In Gold's Review Chart below, you can see that the price of gold skirted along and above the top of the upper trend-line of the 'Rising Expanding Wedge' breaking it and denying its expected negative outcome.

In addition, not only was the Rising Expanding Wedge denied, but the 'Long-Term Rising Resistance Trend-line' was broken as gold climbed in price.

This movement in gold's price is due to the uncertainty in the markets, and the broken 'Long-Term Rising Resistance Trend-line' is a positive sign for the precious metal's future.


Gold Price Chart

Gold - Outlook

In gold's outlook chart below, the only pattern that keeps reoccurring in its chart is the 'Rising Expanding Wedge.'

Like the failed Rising Expanding Wedge in the review chart above, the one in the outlook chart below is expected to break the pattern by falling through the bottom trend-line of the negative pattern.

As to when that will happen is anyone's guess, in addition, as long as 'uncertainty' dominates the markets a lot of these patterns are irrelevant.

But, even though the patterns may be irrelevant as long as 'Fundamentals trump Technical Analysis,' you should still be made aware that they are there and looming over the price of gold.

The overall outlook for gold is for it to move up if the markets continue down the 'Road of Uncertainty,' but once more certainty comes into the markets the technical pattern below will hold more relevance, and the price of gold should break it to the downside.


Gold Price Chart

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





Gold's Price Resistance and
Support Levels


Gold's Resistance Levels


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$1300.00

Gold's Support Levels


$1195.00

$1120.00

$1045.00







Thank You for Your Time.

Take Care & God Bless,

Steve




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All content provided by the Free-Bullion-Investment-Guide.com is for informational purposes only.  The comments on this blog should not be construed in any manner whatsoever as recommendations to buy or sell any asset(s) or any other financial instrument at any time.  The Free-Bullion-Investment-Guide.com is not liable for any losses, injuries, or damages from the display or use of this information. These terms and conditions of use are subject to change at anytime and without notice.






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