Technical Update - Silver collapsing. Gold still hanging on above key support, but for how long?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Gold XAUUSD spot is close to test key support at 1,780. If Gold closes the day below 1,780 is has confirmed down trend on both daily and weekly chart and could drop to 1,670 over the summer.
To reverse this scenario a minimum requirement is to close above 1,858
Silver XAGUSD is falling off a cliff breaking below 20.45 thereby confirming downtrend. A trend that is likely to take Silver 0.618 retracement at around 18.39. RSI below 40 supports the bearish outlook
However, since there is no strong resistance levels XAUXAG can go higher. 95.48 is not unlikely . The ratio has even broken bullish out of the rising channel underlining the strength of the uptrend. To reverse that scenario a close below 82.30 is needed.
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