Gold and Silver Technical Update
- The market is staying above the 1608 pivot (high from last week), and showing bullish continuation as the RSI in the daily chart breaks back above 70.
- A break below 1608 needed in upcoming sessions if the rally is to be stalled.
- As we near the deadline for the debt ceiling, uncertainty is fueling safe haven like the CHF and gold.
- A range breakout projection targets 1670; A swing projection targets 1725.
- Silver also broke above last week's high and is continuation a bullish run in the short-term, although we are still within the context of consolidation.
- In this respect, the market is in consolidation with a bullish bias in the medium- term. In the short-term it is bullish.
- In the context of consolidation, the 43.00 and 45.85 are respectively 61.8% and 78.6%.
- With gold leading the way, silver also has a chance to reach 48.85 high.
Is the debt ceiling, budget debate the most important risk events, what else is the market focusing on that can swing safe haven flow? Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.
Fan Yang CMT
Chief Technical Strategist