Key Points

• Monthly ascending channel
• Rising Moving Average
• Pivot Points

The market fundamentals that are currently driving Gold are the same across the entire precious metals spectrum. Silver is recently hit $30 per ounce before falling back in a pennant towards the $22 handle. Gold displayed a similar move, striking an all-time-high at $2071 per ounce before falling back towards the $1800 support region.

Prior to the rapid acceleration to $30, Silver was slowly climbing in an ascending channel. Prices are currently prompting and proving the $26 resistance level as bulls endeavour to re-enter the channel. A solid close above $26 will be sufficient to confirm the continuation of the bullish trend.

Below the channel, bears are targeting the $22 support line. Prices have rejected away from the support several times indicating the risk that the bears might encounter if they strive to go beyond $22. On the upper side, bulls will have $28 has the primary target which was the turning point of the bull run in September.

The market is currently under the influence of a bullish crossover which transpired in mid-July and triggered an impressive bull run from the $18,70 support line. The 200 Moving Average (Red) is indicating that prices are still in an uptrend and will likely provide strong support if there is a bearish break out towards the $20 price tag. As of late price have struggled to break above the 60 Moving Average (Blue) putting a lot of downward pressure on prices. If bulls successfully breach the 60 MA then the ascending channel would have stood its ground.

Pivot Points

Name	S3	S2	S1	Pivot Point	R1	R2	R3
Gold	1694.80	1771.40	1812.90	1889.50	1931.00	2007.60	2049.10
Silver	20.288	21.944	22.823	24.479	25.358	27.014	27.893
Platinum	786.01	817.73	845.56	877.28	905.11	936.83	964.66
Palladium	2362.06	2400.53	2445.31	2483.78	2528.56	2567.03	2611.81

The pivot point, support and resistance calculations are widely recognized as the uncomplicated yet one of the most effective trading strategy. They are well respected by retail and institutional as effective demarcations of the strength or weakness of the market. They are implemented as the foundation for most technical analysis. In simple terms, the pivot point can be identified as the point at which the underlying market sentiment switch from bearish to bullish.