Technical Update - Gold and Silver
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Gold XAUUSD seems to be forming a symmetrical triangle like pattern. Break out could be imminent.
If breaking out to the down side XAUUSD could drop as low as around $1,700 probably spiking down to test the support at around $1,668
If XAUUSD breaks out to the upside, which I favour; RSI is indicating bullish sentiment, $1,900 is first resistance. However, following a triangle break out the price could move as much as 161.8% (1.618 Fibonacci projection) of the peak to low difference of the triangle i.e. a price target at around $2,066, which close to 2020 peak.
(Note: All charts are weekly time period)
Gold Miners ETF has formed a falling wedge like pattern. 200 weekly SMA seems to give support at around $28.83. A bullish break out could give way to around $40. Bullish confirmation above $35.
Silver XAGUSD still moving with in a Descending triangle like pattern. Break out needed for new trend. Above $25 for uptrend and below $21.60 for down trend
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.