The Good and the Bad in
Gold & Silver's Charts

Gold, Silver, U.S. Dollar, Platinum, and Palladium  Review & Outlook
06/05/2017 thru 06/23/2017

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Originally Posted on 06/19/2017 @1:35 am

Last Edited on 06/23/2017 @9:50pm

by Steven Warrenfeltz

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Hello,

Thank you for visiting the Free-Bullion-Investment-Guide's latest blog, I hope that you and your family have been well since my last post.

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.

Why Gold Buyers are So Susceptible to Fraud - Market Watch


Do Gold Bugs Secretly Love Bitcoin? - Energy and Capital


Hope for Best, Plan for Worst by Frank Holmes - Bullion Vault


Fed raises rates, unveils balance sheet cuts in sign of confidence - Reuters


Fed Officials Can't See What's Right In Front Of Them - Mises Institute


$240,418,000,000: Feds Collect Record Taxes in May; Still Run $88,246,000,000 Deficit - cnsnews

Best of the Week for Nano-Particle Cancer Research

GOLD NANOTECHNOLOGY : CANCER RESEARCH : Can this Nano-Particle Turn into Gold Standard Big C Treatment? - Business Line


GOLD NANOTECHNOLOGY : CANCER RESEARCH : Chemists Perform Surgery On Nanoparticles To Modify Its Property - Science Times

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The Good and the Bad in
Gold & Silver's Charts

In this week’s gold and silver charts, I’ve recognized multiple Positive and Negative 'Head and Shoulders' Patterns. 

A 'Normal Head and Shoulders' pattern is a negative for any asset, as shown in the U.S. Dollar chart below.

Normal Head and Shoulders Pattern

An 'Inverse Head and Shoulders' pattern is a positive sign for an asset, like it was for gold in early 2016.

Another development that has shown up in the charts that is beholden on how the ‘Head and Shoulders’ patterns are confirmed is if gold still leads silver or if silver is leading gold.

If gold confirms its possible 'Inverse Head and Shoulders’ pattern, it will be a clear sign that it is still leading the trade, but if silver confirms its negative head and shoulders pattern it will indicate that it has taken over the lead in the trade between the two precious metals.

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

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GOLD

In the gold analysis from two weeks ago, I stated the following:

“For Gold’s outlook, next week I’m going to be ‘wiping the slate’ and remove gold's long-term trend-line from its chart.

I’ve decided not to remove the trend-line, it will be kept on the charts, for now, it is represented as a dotted line because it is a broken line.

Below is the rest of the outlook from two weeks ago.

This isn’t to say that the price of gold won’t fall back below the trend-line, I almost expect it, but the line has clearly been broken and if gold does fall back below it, it shouldn't be hard for it to move back above it.

After Friday’s move, this week's gold chart is giving the impression that gold will move sideways.  Plus, now that the long-term falling trend-line is broken, if gold does move up its closest resistance level is now the $1290 price level.

In Review

As you can see in the chart below, the price of gold did move further up, after breaking the long-term trend-line, reaching a high of $1296, before it fell back down below the trend-line, which was expected.

GOLD - This Week

In this week’s charts, I’ve recognized multiple Positive and Negative 'Head and Shoulders' Patterns

In the first chart below, I’ve indicated the Negative Head and Shoulders patterns in gold’s candlestick chart, MACD, and RSI.

(Edit - 6/23/2017)

The chart above has one problem, the 'Head and Shoulders' pattern in the Candlestick chart does not exist, the most recent high is slightly higher than the previous high.

See Chart Below.

Below, the Positive Inverse Head and Shoulders patterns in gold's chart haven’t fully developed, this is why there are question marks beside each right shoulder.  

In addition, the possible 'Inverse Head and Shoulders' patterns are only found in Gold’s MACD and RSI (relative strength indicator). 

In all honesty, these positive Head and Shoulders patterns would not have been included if it wasn’t for the fact that since January 2017, gold has consistently made higher lows (see chart below).

For both the Good and the Bad in gold's chart we won’t know which pattern will be confirmed until the neckline in one of the patterns is broken.

Time will tell which way gold breaks.

Charts provided courtesy of TradingView.com

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Gold's Price Resistance and
Support Levels

Gold's Resistance Levels

$1290.00

$1265.00

Gold's Support Levels

$1250.00

$1240.00

$1225.00

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SILVER

Two weeks ago, I posted the chart below for silver, it showed a confirmed 'Falling Expanding Wedge' that had been identified the previous week.

SILVER - This Week

This week, like gold, silver has developed both negative and possibly positive 'Head and Shoulders' patterns in its chart.

In the silver chart below, you can see that a Negative ‘Head and Shoulders’ pattern has developed, however, unlike gold, the negative pattern has not formed in silver’s MACD or RSI (Relative Strength Index).

In the Silver chart below, the right shoulders of the positive 'Inverse Head and Shoulders' patterns the have question marks beside them because the pattern hasn’t formed; yet?

In addition, just like gold, we won’t know which pattern will prevail until one of the neck-lines have been broken.

charts provided courtesy of TradingView.com

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Silver's Price Resistance &
Support Levels

Silver's Resistance Levels

$17.20

$17.00

Silver's Support Levels

$16.40

$16.00

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US DOLLAR

About three weeks ago, a 'Descending Channel' was identified in the U.S. Dollar's chart.

At the time that it was drawn, I stated the following:

A descending channel is not a good sign for the dollar, but in all honestly, I will be surprised if the dollar trades in the steepness of this channel, time will tell.

So far, I am surprised that the US Dollar has traded in the steep channel, but for the week to come, I expect more of the same.

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

$98.10

$97.80

U.S. Dollar's Support Levels

$96.50

$96.00

PLATINUM

Below is Platinum's outlook and chart from two week ago.

For the week to come, after studying the chart, I was able to identify a 'Falling Expanding Wedge', which is a positive pattern for the precious metal.

The wedge is rather large so it may or may not take a little bit of time for it to play itself out, but once it does, the descending channel should be destroyed.

Note: In the chart below, I mistakenly left out the 'Expanding' while labeling the chart pattern (Falling Expanding Wedge).

In Review

Platinum broke above the 'Falling Expanding Wedge' shortly after I posted the blog post, and it temporarily destroyed the Descending Channel as you can see in the chart below.

PLATINUM - This Week

Above, I purposely stated that Platinum's 'Descending Channel' was 'temporarily' destroyed because I've redrawn it as you can see in the chart below.

But, a 'Falling Wedge' has also been identified, so the price of platinum could break above it again sometime in the near future and destroy it for good.

Or when it does break the 'Falling Wedge,' it may still find resistance against the upper trend-line of the Descending Channel; time will tell.

Charts provided courtesy of TradingView.com

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Platinum's Price
Resistance and Support Levels

Platinum's Resistance Levels

$945.00

$935.00

Platinum's Support Levels

$920.00

$910.00

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PALLADIUM

Two week’s the following outlook was posted for Palladium.

For this week's outlook, Palladium's RSI looks to be closing in on oversold territory and it should find strong resistance with the upper trend-line of the rising wedge.

So we should see some pull-back in palladium's price this week.

In Review

Two weeks ago, I couldn't have been more wrong in my outlook for palladium, it completely did the opposite of what I stated, as you can see in the chart below.

The price of palladium continued to climb in oversold territory and in the process, it broke the 'Rising Wedge' causing it to fail.

PALLADIUM - This Week

This week, I was unable to find any patterns in Palladium's chart, which maybe a blessing in disguise after my last assessment of the precious metal.

However, the price of palladium looks like it should have some pull back this week.

Plus, palladium's 'Ascending Channel' is still going on strong, so its price is expected to continue to trade inside it.

Charts provided courtesy of TradingView.com

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Palladium's Price Resistance and Support Levels

Palladium's Resistance Levels

$925.00

$885.00

Palladium's Support Levels

$830.00

$800.00

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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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