Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia. He runs training, analysis and resource workshops for retail and professional financial market traders involved in stocks, CFDs, warrants, derivatives, futures and commodities in China, Malaysia, Singapore and Australia. He has his own trading company, guppytraders.com. He is a special consultant to AxiCorp.
There is a high probability gold will use the previous resistance level near $1,880 as a target level.
The current rally is testing the support/resistance level near 2,300. A move above this level is bullish. A retreat away from this level is bearish and confirms the downtrend remains very strong.
There is continued down pressure on the Euro ST 50. The secular trend is down. Short term opportunities exist to trade rallies and retreats in the context of this downtrend. A retest failure of support near 1,980 has a downside support target near 1,800.
The Shanghai Index's long-term target is near 2,760.
The similarity in the patterns on the gold and silver charts means the silver price follows the gold's behavior.
The rally in the Australian dollar has technical limits that could cap its rise.
The potential for a rebound in the dollar has increased in the run-up to the presidential inauguration day.
Oil prices developed a recovery in 2016 but will this continue in 2017?