Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
You can access both of our platforms from a single Saxo account.
Technical Update - Silver testing key resistance. Gold back above 1,680, will it continue higher?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Silver leading the way higher testing key resistance at $21. Can it break it and build bullish trend?
Gold back above key resistance at 1,680 and is close to testing falling trend line. Several resistance levels must be broken for Gold to turn bullish.
Gold/Silver ratio has collapsed and is trying to find solid ground around 82.20, but bears are in control
Gold spot closed yesterday back above the key resistance at $1,680 close to testing the falling trend line in its falling channel.
If Gold breaks above the trendline there is resistance at the 0.618 retracement of the recent down trend from August at around 1,734 and at the 0.786 retracement at 1,766.
Major key resistance it at around 1,808. A close above that level is likely to signal a major trend reversal in Gold i.e., up.
On the weekly chart the Double Top pattern was confirmed by the close below 1,680 with a potential target of at least 1,445. However, the current Pullback back above 1,680 indicates the pattern could be busted. If Gold closes above 1,808 the double top pattern must be considered busted.
If Gold closes back below 1,680 downtrend is likely to resume and the double top pattern target is in play.
Silver spot jumped back above $19 which seems to the Bull/Bear Pivot. Testing key resistance around $21. If Silver closes above 21 a move to the 200 daily SMA and a test of resistance at 22.51 is in the cards.
RSI has closed above 60 supporting the bullish outlook. However, if Silver collapses and closes back below 19 bear trend is likely to resume
Gold/Silver ratio has collapsed down to the 55 and the 200 weekly SMA’s, and the lower rising trendline. Currently trading a few cents below the support at 82.20. Down trend has been confirmed (lower lows and lower highs).
If the ration breaks below the trendline key support at the 0.618 retracement at 75.25 is likely to be reached. If RSI, which showed divergence at the August peak thus warning of a weakening of the uptrend, closes below 40 it supports the bearish picture.
Latest Market Insights
Quarterly Outlook
-
-
Quarterly Outlook
Equity Outlook: The ride just got rougher
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
China Outlook: The choice between retaliation or de-escalation
Charu Chanana
Chief Investment Strategist
-
Quarterly Outlook
Commodity Outlook: A bumpy road ahead calls for diversification
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
FX outlook: Tariffs drive USD strength, until...?
John J. Hardy
Global Head of Macro Strategy
-
Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
-
Quarterly Outlook
Equity Outlook: Will lower rates lift all boats in equities?
Peter Garnry
Chief Investment Strategist
After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto... -
Quarterly Outlook
Commodity Outlook: Gold and silver continue to shine bright
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c... -
Quarterly Outlook
FX Outlook: USD in limbo amid political and policy jitters
Charu Chanana
Chief Investment Strategist
As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ...