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Technically, December gold futures prices Tuesday scored a big and bearish “outside day” down on the daily bar chart, whereby the daily high was higher and low was lower than the previous day’s trading range. If there is good follow-through selling pressure and a lower close on Wednesday, then a bearish “key reversal” down would be confirmed
, which classic technical analysis suggests would be one early technical clue that a market top is in place. However, twice already this month bearish key reversals have occurred on the daily bar chart and gold prices went on to score new highs. Thus, one cannot put a lot of stock in a key reversal suggesting a top is in place in this market. Gold bulls still have the solid overall near-term and longer-term technical advantage. There have been big daily moves on the upside recently, and some big daily downside corrections are not surprising. Prices are still in a 6.5-month-old uptrend on the daily bar chart and in a 10-year-old uptrend on the monthly chart. Bulls’ next near-term upside technical objective is to produce a close above solid technical resistance at Tuesday’s record high of $1,917.90. Bears’ next near-term downside price objective is closing prices below solid technical support at $1,817.60. First resistance is seen at the overnight high of $1,856.80 and then at $1,881.40. First support is seen at Tuesday’s low of $1,826.00 and then at $1,817.60.December silver futures prices Tuesday hit a 3.5-month high early on, but then price action also scored a bearish “outside day” down on the daily bar chart. The silver bulls still have the overall technical advantage. Bulls’ next upside price objective is producing a close above strong technical resistance at $45.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $40.00. First resistance is seen at the overnight high of $42.51 and then at $43.00. Next support is seen at Tuesday’s low of $41.565 and then at $41.00.
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By Jim Wyckoff of Kitco News; jwyckoff@kitco.com
Source: forbes.com
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