{"id":2220,"date":"2023-07-24T04:54:05","date_gmt":"2023-07-24T04:54:05","guid":{"rendered":"https:\/\/prendergast.net\/?p=2220"},"modified":"2023-07-24T04:54:05","modified_gmt":"2023-07-24T04:54:05","slug":"it-was-a-disappointing-week-for-gold-prices-this-past-week","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2220","title":{"rendered":"It was a disappointing week for gold prices this past week"},"content":{"rendered":"
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It was a disappointing week for gold prices this past week.<\/h1>\n

Sure, the precious metal just barely pulled off a gain of +0.3%. However, XAU\/USD reversed most of its upside progress in what could have been a 1.8% rally. Let us take a closer look at the price action.<\/p>\n

On the daily chart below, gold was seen struggling to hold a push above the 23.6% Fibonacci retracement level of 1971.63. The breakout was false at the conclusion of last week. That is now placing the focus on support. This is a combination of the 1936 inflection point as well as the 50-day Simple Moving Average.<\/p>\n

Prices remain above the 50-day SMA, which is offering a cautious upside technical bias. From here, this line may hold as support, reinstating an upside focus. Otherwise, extending lower places the focus on the 38.2% Fibonacci retracement level at 1903, as well as the former falling trendline from May.<\/p>\n

In the event of a turn higher, keep a close eye on the 14.6% level at 2013 before retesting the 2048 – 2080 zone.<\/p>\n

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Chart Created in TradingView<\/p>\n

It was a slightly worse story for silver prices last week. XAG\/USD finished -1.4% over the past 5 trading days. Like gold, there was a false breakout above the 23.6% Fibonacci retracement level of 24.66 as prices were unable to push through the 14.6% point at 25.22. A turn lower from here leaves silver facing the 20-day SMA, which may maintain the near-term upside bias.<\/p>\n

But, getting there entails clearing the 38.2% level at 23.75. Clearing both this point and the SMA would offer a stronger bearish conviction, placing the focus on lows from June. Otherwise, extending higher places the focus on highs from April 2022. The latter makes for a range between 25.85 and 26.21.
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Silver Daily Chart<\/p>\n

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Chart Created in TradingView<\/p>\n

— Written by Daniel Dubrovsky, Senior Strategist for DailyFX.com<\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

It was a disappointing week for gold prices this past week. Sure, the precious metal just barely pulled off a gain of +0.3%. However, XAU\/USD reversed most of its upside progress in what could have been a 1.8% rally. Let us take a closer look at the price action. On the daily chart below, gold … Continue reading It was a disappointing week for gold prices this past week<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[802,291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2220"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2220"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2220\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}