Silver and Gold POP
(in their Short-Term Trade)

Gold, Silver, U.S. Dollar, Platinum, and Palladium  Review & Outlook
05/15/2017 thru 05/26/2017

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Originally Posted on 05/22/2017 @12:20am

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Hello,

Thank you for visiting the Free-Bullion-Investment-Guide's latest blog post, I hope that you and your family have had a great week.

Before we get to this week's post; below are a few of Last Week's Best News Articles that were taken from this guide's homepage.

One quick Note: This week (Thursday 5/18) I started to change the way the headlines look on the homepage, you will see this difference in the headlines below.

Bullion keeps its glitter as gold jewellery loses shine in China - Slowing economy and property curbs are making the yellow metal attractive as a safe-haven investment - South China Morning Post


Americans have more debt than ever before — here's what it looks like - Business Insider


South China Morning Post - Many financial institutions should go bust, China central bank researcher says


Motley Fool - The Gold-to-Silver Ratio Just Topped 75: Here Are 3 Silver Stocks to Consider Buying Right Now


The Epoch Times - The Economic School You’ve Never Heard Of


VIDEO : REWIND : Learn Liberty - Why Did the United States Leave the Gold Standard & What is the Gold Standard?

Best of the Week for Nano-Particle Cancer Research

GOLD NANOTECHNOLOGY : CANCER RESEARCH : New Atlas - Golden hitchhikers avoid cancer's defences by riding on white blood cells


GOLD NANOTECHNOLOGY : CANCER RESEARCH : Nanoparticles Offer Radiosensitization Options - Medical Physics Web

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Silver and Gold Pop

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Last week, for the silver and gold analysis, I stated that the precious metals looked like they would "slowly creep up in price."

I stated that because there wasn’t much in the news that was giving silver or gold any reason to move-up with much momentum.

However, once again, fundamentals trumped analysis, this time it was President Trump's troubles with the allegations against him in the press. 

These allegations made the market think that some of the President’s promises won’t become reality which caused the stock market to sell off and gold and silver to pop in price.

This week’s analysis will include Silver, Gold, U.S. Dollar, Platinum & Palladium.

SILVER

Last week, the silver chart below was posted along with the following analysis.

Silver is still trading inside the falling expanding wedge and it will continue to trade inside it for at least a few more weeks before its price starts to trade near the wedge's upper trend-line.

For the week to come, silver is trading deep in oversold territory and it is expected to continue to slowly rise in price, with some profit taking along the way. 

Clearly, we can see in the chart below, the price didn’t creep up in price, instead it popped up in price as traders fled the stock market and bought up silver after the news about the President came out.

This week, silver’s MACD is still deep in oversold territory, so we should continue to see it rise in price this week, but its RSI is sitting at the halfway point between the oversold and over bought territory, so we will probably see some pull back as well.

The one caveat is what could come out in the news, yesterday I  read that the USS Ronald Reagan Carrier Group just set off to relieve the USS Carl Vinson in the Pacific.

USS Ronald Reagan Now Underway On Patrol Amid Uncertainty in Asia - Military.com

So, fundamentals could cause silver (and gold) to pop again this week, time will tell.

Lastly, for silver, in the off-chance that traders don’t panic about any additional press against the President or about rising tensions with North Korea, then we should see silver move up in price at a slower pace, but stay below the upper resistance trend-line of the Falling Expanding Wedge, we’ll have to wait and see what happens.

charts provided courtesy of TradingView.com

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Silver's Price Resistance &
Support Levels

Silver's Resistance Levels

$17.15

$17.00

$16.85

Silver's Support Levels

$16.45

$16.30

$16.15

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GOLD

Last week, the chart below for gold was posted along with the following analysis:

This week, gold’s MACD and RSI (bottom indicators), are showing that gold is trading in oversold territory, so for the week to come gold should continue to slowly creep up in price.

Furthermore, like silver, gold is expected to trade inside its falling expanding wedge for at least another week or two before it starts to come close to testing its upper trend-line.

Gold didn’t creep up in price, it popped up in price, just like silver.

Gold also broke above the upper trend-line of the expanding rising wedge, something I did not see happening so fast.

But on the other hand, when gold’s best friend called ‘Uncertainty’ enters the market, gold is its biggest beneficiary. 

(continued…)

After studying gold’s chart for this week’s analysis, I decided to raise the upper trend-line of the falling expanding wedge because it still fits the pattern and the line still connects at several points on the chart (highlighted).

Plus, silver is still expected to rise above its falling expanding wedge, so its only a matter of time before gold does it again.

For this week, some pull back is expected in gold, but like silver, fundamentals always trump technical analysis and if the news overwhelms the markets, we may see gold and silver pop again.

Charts provided courtesy of TradingView.com

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Gold's Price Resistance and
Support Levels

Gold's Resistance Levels

$1290.00

$1275.00

$1260.00

Gold's Support Levels

$1240.00

$1215.00

$1200.00

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US DOLLAR

Last week, the dollar chart below was posted with the following commentary;

As we can see in the chart below, the $99.50 resistance level wasn’t as strong as I thought it was, because the dollar’s price rose up through it and didn’t stop rising in price till it found resistance at the $99.65 level.

Furthermore, the dollar broke back above the bottom trend-line of the rising expanding wedge and it ended the week sitting on top of this trend-line.

However, the U.S. Dollar continues to make lower highs and lower lows, so it is expected to fall back below the rising expanding wedge sometime in the near future.

(continued....)

Last week, the dollar fell back below the rising falling wedge (confirming it); in addition, the U.S. Dollar also fell below the descending channel giving the indication to traders that for at least the immediate future the days of the rising dollar are over.

However, with all that being said, the dollar’s MACD and RSI are both moving in oversold territory, so a rise in the price of the dollar should happen sometime this week.  

Click chart for a definition of a 'Rising Expanding Wedge'

Charts provided courtesy of TradingView.com

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U.S. Dollar's Price Resistance and Support Levels

U.S. Dollar's Resistance Levels

$98.20

$97.85

U.S. Dollar's Support Levels

$96.85

$96.40

PLATINUM

Last week, this platinum chart was posted with the following analysis;

Although platinum rebounded from last week’s drop in price, its chart still isn't showing any clear technical patterns to mention.

However, platinum's MACD (lower indicator) is giving an indication that platinum should continue to rise this week.

Last week, platinum moved higher just like its MACD was insinuating it would. 

For the last several weeks I’ve been looking at Platinum’s chart trying to find a pattern, but nothing concrete was showing up, until this week, in the chart below it looks like Platinum has formed a descending channel; we’ll have to see how it plays out.

For this week, platinum should continue to move up slowly in price with some pullback. its lower indicators are not giving any clear indication as to which way it will go.

Charts provided courtesy of TradingView.com

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Platinum's Price Resistance and Support Levels

Platinum's Resistance Levels

$955.00

$945.00

Platinum's Support Levels

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PALLADIUM

Last week, the following chart and analysis were posted for Palladium;

If you’ve been following my analysis for the last few months, you’d know that all the precious metals have been trading inside an Ascending Channel, and all have been broken except for Palladium's Channel.

Palladium has been trading inside its ascending channel since Dec. 2015 and so far it doesn’t look like it’s going to stop anytime soon.

However, palladium has found itself trading inside a negative pattern called a rising wedge, so although its long-term trade looks positive, its short-term trade doesn’t.

Last week, the rising wedge was confirmed.

This week palladium looks like it will continue to trade inside the ascending channel, however beyond that, no clear patterns have formed, so I’m going to let the dust settle from its latest move and wait and see what the chart looks like next week.

Charts provided courtesy of TradingView.com

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Palladium's Price Resistance and Support Levels

Palladium's Resistance Levels

$785.00

$770.00

Palladium's Support Levels

$740.00

$720.00

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Music

This week, I couldn’t end this post without posting a tribute to one of the greatest voices in Rock; Chris Cornell.

I’ve been a fan of Chris Cornell since I bought Soundgarden's first album Ultramega OK, in the early 90’s.  

In 2011, after Soundgarden got back together, a friend of mine was able to get tickets when they played at George Mason University’s Patriot Center, the show was awesome.

So after I heard the news of how he passed away, you can’t help to ask: Why? - What the hell was he thinking?  

But, I’ve learned from experience that you’ll go crazy trying to figure out what someone was thinking before they took their life. 

In 2010, a very good friend of mine took his life when he hung himself and even though I knew what he was going through, I still can't make sense of it.  

Rest in Peace Chris Cornell.

Here’s a small sample of some of my favorites from Chris Cornell.

Edit: 6/7/2017: Today, as I working, I was listening to Chris Cornell.  As a fan of Chris Cornell it's hard to grasp that he's gone and how he left, but since I like all his songs, I decided to change some of my favorites.

Searching With My Good Eye Closed, Burden In My Hand, & Outshined (Soundgarden), Times of Trouble (Temple of the Dog), Seasons, & Sunshower (Chris Cornell), Like a Stone (AudioSlave)

Prevoiusly posted songs: Room a Thousand Years Wide, Holy Water, and Hands All Over (Soundgarden), Reachdown (Temple of the Dog)

Have a Great Week.

God Bless & Thank You for Your Time,

Steve

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Thank You for Your Time!

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