Gold's trading range and silver's long-term uptrend offer differing outlooks for Q3 but the potential for both to consolidate and trade in a sideways manner remains constructive
Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.36% 🇨🇦CAD: 0.16.has been stuck in a well-defined daily range with neither buyers or sellers able to take control of price action.
Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.36% 🇨🇦CAD: 0.16...has been stuck in a well-defined daily range with neither buyers or sellers able to take control of price action. The dailyin the weeks ahead. Gold’s range and Silver’s trend both remain in place and may offer reliable set-ups for Q3.While traders normally look for a trend or a breakout pattern, a sideways range-trade can be just as profitable – potentially – as well as easy to control with noted areas of resistance and support. The daily Gold chart is currently showing a well-defined range that has held since early-April and this looks set to hold if both support and resistance remain in place. The CCI indicator is in neutral territory, while a break above the 20- and 50-day smas would allow Gold to move back towards resistance. Support around the $2,277/oz. level has been tested in early-May and early-June and held, while the early-June pattern is currently mirroring the early-May rally. A break above the June 7th high at $2,387/oz. would suggest that the range trade remains in place.After acquiring a thorough understanding of the technical backdrop for Gold and Silver in Q3, why not see what the fundamental landscape suggests by downloading the comprehensive Gold and Silver forecast for the third quarter? Silver is at an interesting point on the daily chart, continuing a multi-month pattern of higher-lows and higher-highs while also testing trend support. If trend support fails, then Silver may become trapped between $25.93/oz. and $29.80/oz. and start to build a range like gold. The CCI indicator is in neutral territory – Silver is neither overbought or oversold – while only the 20-day sma is in the way of higher prices. Trend support remains important if Silver is to move higher, and if it does then the precious metal may well test the recent double high around $32.48/oz.FTSE 100, DAX 40 on a positive footing ahead of US PCE inflation print while CAC 40 slips ahead of electionLeveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice. Any examples given are provided for illustrative purposes only and no representation is being made that any person will, or is likely to, achieve profits or losses similar to those examples. DailyFX Limited is not responsible for any trading decisions taken by persons not intended to view this material.
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