Gold Outlook for the Week

Release Time:2018-06-11 01:29

Market Commentary

Gold was virtually unchanged, opening friday at 1298.00/1299.00. After the open, the metal touched a high of 1298.75/1299.75 before declining to a low of 1296.75/1297.75. Gold traded erratically, but within a tight range, for the remainder of the day, eventually going on to end the day flat, at 1298.00/1299.00.

Technical Commentary

Gold was static, closing friday at 1298.50. Resistance is at 1301.40 - the 50% Fibo retracement level of the Dec - Jan rally. Support remains unchanged at 1286 (61.8% Fibo level). MACD and momentum indicators are positive; however, We remain bearish as long as gold closes below the 200 Day MA (1307.90).

The gold-silver ratio closed higher on friday, at 77.62. Support is at 77.36 - the Feb Low. Resistance is at 78.59 - the 76.4% Fibo retracement level of the Feb - April rally. I am bearish the ratio