Gold & Silver technical analysis: Dollar inched higher, capping bulls progress

Ross J Burland FXStreet

The gold/silver ratio has tumbled back below the 20-day moving average, -1.14% on the day.
US Dollar holding its ground, pressuring the precious metals.

The Dollar is out of favour but still holds in there, capping progress in the precious metals, hell-bent on higher grounds. However, from a technical perspective, the series of bearish gold pin bars on the daily charts do not bode well for the bulls. However, on the upside, 1410 was cleared by the close and bulls can look ahead to the 1440 key resistance which makes way for a continuation to the May 2012 lows at 1527. On the downside, a test below the 20-day moving average around 1395 opens a run towards the 50% retracement of the April swing lows to late June swing highs around 1352.

Silver remains based on the 15 handle and has managed to pierce the descending resistance from 21 June highs. Bulls can aim for 15.64 and then 15.80 as key levels. On the flipside, 15.05 guards 14.90 and then14.64 ahead of the 14.29 swing lows. On a continuation to the upside, 15.60 is a target level.

Gold/Silver Ratio

Overview
Today last price	92.03
Today Daily Change	0.10
Today Daily Change %	0.11
Today daily open	91.93

Trends
Daily SMA20	90.78
Daily SMA50	88.79
Daily SMA100	86.83
Daily SMA200	85.52

Levels
Previous Daily High	93.05
Previous Daily Low	91.85
Previous Weekly High	93.36
Previous Weekly Low	92.15
Previous Monthly High	92.97
Previous Monthly Low	88.86
Daily Fibonacci 38.2%	92.31
Daily Fibonacci 61.8%	92.6
Daily Pivot Point S1	91.5
Daily Pivot Point S2	91.08
Daily Pivot Point S3	90.3
Daily Pivot Point R1	92.71
Daily Pivot Point R2	93.48
Daily Pivot Point R3	93.91

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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