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Can Gold Help Silver to Break the 16.8$/oz Resistance?

By:
Tomasz Wiśniewski
Published: Aug 1, 2017, 11:43 UTC

Today stocks extend gains and American dollar tries to recover from the heavy losses from yesterday. Silver comes here first today as we are close to a

GoldSilver

Today stocks extend gains and American dollar tries to recover from the heavy losses from yesterday.

Silver comes here first today as we are close to a very important resistance created by the upper line of the channel up formation, horizontal level on 16.8 USD/oz and the mid-term down trendline. First attempt to break it was unsuccessful, which creates a chance for a bearish reversal. As long as we stay above the black long-term up trendline, buyers can be relatively safe.

When trading on Silver it is nice to sometimes look for hints on Gold. Here we do have a very positive sentiment, since the price broke the 1258 USD/oz resistance. As long as we stay above this level and the mid-term up trendline, the buy signal stays alive.

Last one will be the GBJPY, where we do have an up trend and in the same time a bullish correction pattern – flag. What is more, this flag can be broken down into a inverse head and shoulder pattern. Does not really matter as those two promote us a bullish scenario here. For the clear buy signal, we need to wait for the breakout of the upper black line.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

About the Author

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.

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