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Gold and Silver short term price charts

IMG Auteur
Bill Downey
Gold Trends
Published : April 11th, 2014
319 words - Reading time : 0 - 1 minutes
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Category : Market Analysis
Gold Chart

As we move into Friday resistance is 1325-1333. A close above 1322-1325 will keep the door open for a higher push on Monday/Tuesday of next week. Support is 1301-1312.

On monthly resistance watch the 1325-1333 area and use as a pivot. Below 1325 and we are in Feb price territory. Above 1333, we are in March Territory and 1st resistance will be the 1343 area. The short term trend is bullish, and does still favor higher into early next week only if we close above 1322-1325. Friday should be a key day for stocks and gold. 

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Cycles chart
The red cycle turn is underway until April 15th (plus or minus 72 hours). This means that the short term cycle is due to peak at any time now. There are only two trade days left (today and Monday) before the ideal day of the 15th arrives. Thus while the short term trend is up, it’s best to be cautious.

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Silver Chart
The next short term cycle that completes on April 15h (plus or minus 72 hours) finally set a new high earlier this week as we near completion of the cycle. However, price is barely holding 20 dollars as we head into Friday and the price pattern at the moment looks weak.

Weekly resistance is the same as last updated in the 20.40-20.60 area. The Thursday high is 20.40 so keep a close eye on this level. If we get above 20.55-20.60 then the next blue line near 20.90 will become the target/resistance. Support is the 1960-1983 area but if 1950 gives way then silver can move lower.

In summary, the trend remains sideways at best and the move up this week was quickly rejected. The one note of interest is that it looks as though someone is willing to buy silver at the 19.60 level and JPM has been building up physical inventory for a while now.

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Bill Downey is the editor of www.GoldTrends.net where he monitors the price patterns on an hourly, daily, weekly and monthly basis. He offers commentary on what it all means along with support and resistance levels along the way in advance of each day's trade. If you would like to join for 30 days he offers a free trial. Visit his website home page for details.
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