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« Gold Stocks in the Danger Zone | Main | Interesting Silver Debate: Do Old Indicators Matter Or Is Physical About To Overrun Paper? »
Monday
May022016

While Silver Shines, Gold Could Be Poised To Disappoint 

Chicago (May 1)  Poor US Advance GDP results of 0.5% q/q and a build in Unemployment Claims to 257K has gotten the Gold Bulls stirred up again. Unfortunately for them, the best they can hope for is the re-widening of the metal’s channel. However, it might also be possible that the commodity is verging on another prodigious fall.

Whilst it is true that Gold has broken free of the recently narrowed channel, the yellow metal is yet to break free of the larger sideways structure. Consequently, the commodity is likely to remain constrained unless there are some major upsets in the nearing US indicator results. However, the predicted figures are all rather sober and the Chicago PMI result is predicted to decrease. As a result, much of the negative USD sentiment should already be priced into Gold.

As Gold is unlikely to be making an upside breakout, the metal should be making a move back towards the lower constraint in coming days. Furthermore, highly overbought readings on the H4 RSI and stochastic oscillators are likely to spark selling pressures. However, a move back to the downside constraint might not be the full extent of the downside potential for the metal.

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 Silver prices are dramatically overbought at the moment so take good care.

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