Today we are taking our weekly look at the charts for gold and silver.
Republicans and Democrats continue to play the “will they, won’t they?” video game over another stimulus plan in a Covid19 damaged US economy. An arrangement on a package will ultimately be seen as favorable for the marketplaces but, with the US Election simply weeks away this may show to prolong negotiations or postpone decisions until the outcomes of the election are clear and accepted by all.
Will Gold Now Retest $1,930?
As you can see from the gold chart below, gold has actually rallied on positive stimulus news and drew back as negotiations stall.
After the previous “false break” above $1,910, gold when again closed above this level which opens up a retest of $1,930. Nevertheless, the short-term upward trend line is offering assistance but is also helping to form what the majority of chartists identify as a bearish pattern.
GoldCore Gold Chart A break of this support pattern line opens up a retest of the$1,860 level and a break of that level would be short-term, bearish for gold as there is very little in the method of assistance till$1,810. Silver Remains Vulnerable to
a Negative News Cycle A similar pattern is emerging for silver as it retest$25.20. A close above this level might be short-term bullish for silver and see a quick move up to evaluate the $26.50 level once again.
GoldCore Silver Chart With this bearish pattern being formed with the upward sloping trend assistance line, silver remains susceptible to an unfavorable news cycle. A break lower opens up a retracement to the support level at $22.60.
As we have actually noted before if we break this level there is not much assistance on the charts till near the 200 Day Moving Average at $19.50.
Clarity on the United States Stimulus package will assist signify the next move in the precious metals markets. Nevertheless, this now might not occur until we get clearness on the result of the US election.
When the cork is popped we expect this to be very bullish for both gold and silver. Now may be a great chance to place your portfolio to benefit from the upcoming relocations.
NEWS and COMMENTARY
Stocks and bonds yields climb as investors eye U.S. stimulus Gold gains on renewed hopes of U.S. stimulus offer, weaker dollar A ‘blue wave’ in U.S. elections could bring forward Fed rate walkings, says Morgan Stanley
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Here GOLD PRICES (USD, GBP & EUR– AM/ PM LBMA Fix) 20-Oct-20 1906.35 1898.40 1469.61 1464.05 1615.44 1606.43
19-Oct-20 1910.00 1905.60 1468.41 1465.60 1624.65 1617.47 16-Oct-20 1908.20 1905.05 1475.42 1475.46 1629.22 1624.25 15-Oct-20 1891.70 1891.90 1460.01 1462.06 1615.89 1617.57 14-Oct-20 1896.45 1910.05 1466.15 1464.63 1616.91 1624.12 13-Oct-20 1920.80 1891.30 1471.33 1457.06 1629.03 1608.74 12-Oct-20 1891.35 1887.45 1460.12 1460.70 1608.03 1607.73 09-Oct-20 1912.40 1923.25 1478.48 1482.63 1620.76 1628.99 08-Oct-20 1891.35 1887.45 1460.12 1460.70 1608.03 1607.73 07-Oct-20 1888.00 1884.50 1464.33 1463.69 1605.56 1601.83 06-Oct-20 1912.50 1913.40 1472.82 1476.00 1623.33 1623.90 05-Oct-20 1899.65 1909.60 1467.48 1472.49 1616.41 1620.49 02-Oct-20 1906.40 1903.05 1473.46 1471.82 1627.87 1624.44 01-Oct-20 1895.55 1902.00 1477.01 1476.33 1615.96 1619.74
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[ChartWatch] Is the US Election the “Cork in the Bottle” for Gold and Silver? appeared first on GoldCore News.