Gold update: no changes

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10 MAY 2018

Silver and platinum are creeping higher (near term), but gold has been very neutral over the past weeks and months. Of course the USD strength has caused gold to perform well in other currencies, so “not all is lost” for the non-US investor.

The outlook remains the same as January. The major highs since 2014 around 1370-1380 are still untouched but the break above the internal trend line, in combination with broadly support bullish dynamics. Buying the breakout above resistance is certainly justifiable. Upside potential is very good. 1445 is a minor projection while the first major projection comes in at 1635. More importantly, the market will then have entered a convincing new multi-year uptrend.

  • Trend: neutral
  • Outlook: positive, long-entry > 1370/1380
  • Support: 1297 / 1265  / 1210 / 1130
  • Resistance: 1380 / 1445* / 1635*

Weekly chart Gold (spot)

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