by Bill Downey     Price Analysis of Gold and Silver
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Technical Analysis Trading Gold, Trading Silver/ analysis By Bill Downey providing key turning points & charts for investors and speculators in Precious Metals Trading, and Precious Metals Markets

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Bill Downey, of Gold Trends.net, LLC, is an Independent Investment Analyst with over twenty years of study. YOU SHOULD NOT TAKE ANY MATERIAL posted on this WEBSITE AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. Do your own due diligence. No one knows tomorrow's price or circumstance. The author intends to portray his thoughts and ideas on the subject which may s be used as a tool for the reader. GoldTrends does not accept responsibility for being incorrect in its speculations on market trend or key turning points that it may discuss since they are at best a calculated analysis based on historical price observations.

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The Fed bottom line is to try and keep the US dollar in check

29 Apr 2015 12:17 PM | Bill Downey (Administrator)

Launch www.GoldTrends.net 

INTRA-DAY NEWSLETTER ~ April 29 2015


The FOMC statement comes out near 2 PM EST.

The bottom line is the Fed does not want a higher dollar at this time and with the sagging global economy and US signs of weakness, the Fed will do the best it can to maintain credibility on the longer term but at the same time,  odds favor they will be dovish on the short term.

The chart shows the long term channel line where they are trying to cap the rise.  They want to avoid the USD going above that channel line.  We have been favoring a correction in the USD since we’ve reached this long term trend line.



Ordinarily we would expect gold to catapult higher on a weakening dollar and the last 4 days have seen the 2nd biggest drop in 6 years in the USD.  Gold however is pretty much at the same price area as it was a week ago, emphasizing just how bizarre this market is acting.

1st Support on the USD is this area in the 93.50-94.50 area and then at 89.50-92.50.

 

Gold Chart
The overall trading range of 1175-1225 for April is still in effect.  Until we resolve either way things remain a choppy mess.    Resistance is the 1215-1225 area and then 1232-1239.   Support is the 1198-1202 area and then 1183-1190.   Keep in mind the FOMC statement will be out near 2PM EST and then we’ll see what the control boyz decide to do with price.   The bulls have a slight advantage, and the odds for a pop to 1220-1225 and potentially up to 1240 should come into play.  We say should because gold should be rallying harder than it has based on the US dollar action.

 

Silver
As you can see silver has been in a trading range all year so far in the 1550-1800 area.
Support on the short term in silver is the 1580-1610 area and resistance is the 1687-1720 area.  The bulls have a slight advantage at the moment.  And while nothing is for certain in this trade range, a push to 1690-1725 could be in the offing.  Any close below 1580 cancels that scenario.  





Technical Analysis :: Gold & Silver

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