Gold & Silver Prediction - 2018 Feb 01
Gold and Silver prediction for February 1st, 2018
The strategies discussed below are suitable for swing traders.
Gold will meet a strong resistance at $1,435
While gold seems to be in a bull market this couple of weeks, it will meet a strong resistance at $1,435. This number is also a strong resistance around early December 2010 and August 2013. You can also see it clearly on the monthly chart.
Current increase in gold price could be addressed to the Christmas, New Year, and Chinese New Year festivities where most Asians have the habit of sending gold as gifts. Let’s hope that the price will keep moving bullish after the Chinese New Year.
Silver needs to break above the monthly MA
As you can see from the monthly chart below silver is moving sideways for months now. It is making small triangle currently. For us to see silver continuing it’s bull market movement, we need to see silver at least break above the 50-EMA. After that silver will go into the channel with a resistance at $21. Breaking above $21, would be a solid confirmation that the bull market is on the move again.
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