Gold (XAU) and Silver (XAG) send mixed signals to doubtful Traders

Ben Graham · Novembro 18

Markets are getting rocked up and down across asset classes lately.

Cryptos are getting sold off aggressively (Is the selling done or is it only a first wave?).
Equities are seeing some record volatility compared to the past few years in frantic +1% up and down moves, as can be seen today.

Even Metals are failing to gather traction after reaching some new records towards the end of last month.

They are holding relatively well compared to the other asset classes that performed great throughout 2025, but the fact that they can't seem to attract inflows during high-range risk-off profit-taking points to a deeply confused market.

The dominant 2025 trend of Stocks, Cryptos, and Metals rallying simultaneously is what has been broadly called the Debasement Trade (a trade rooted in the debasement of the US Dollar and fiat currencies in general).

But when all these anti-fiat assets fall at the same time, what is truly happening?

Screenshot 2025-11-18 at 2.32.42 PM — Metal Performance since Mid-October 2025. November 18, 2025 – Source: TradingView

Bank of America has sent out warnings on dangerously low cash levels, which usually doesn't rhyme well with risk asset performance (or any asset, except Treasury bonds).

This flow could signal the start of a trend where massive profit-taking and position closing—a potential Re-basement Trade (contrary to the debasement trade)—takes hold.

In the waiting for such developments to happen (or not), let's dive into two timeframe charts for Gold (XAU/USD) and Silver (XAG/USD) to spot what key levels can come into play for upcoming trading.

Gold maintains its triangle formation

Gold (XAU/USD) Daily Chart

Screenshot 2025-11-18 at 2.51.24 PM — Gold (XAU) Daily Chart, November 18, 2025 – Source: TradingView

Gold has been holding its triangle formation (mentioned in our recent Gold analysis) with precision, indicating that Markets are still more on the mood for consolidation.

To tilt the scales one way however, the Daily RSI has been holding strong above the neutral line, indicating that buyers remain in control. This also corroborates with the price action holding above $4,000 – Keep this level closely in check.

Traders might have to be more patient in order to see a definite breakout (both upside and downside are still possibilities).

In the meantime, the triangle formation is the one key technical aspect to watch.

Gold (XAU/USD) 2H Chart and levels

Screenshot 2025-11-18 at 3.02.37 PM — Gold (XAU) 2H Chart, November 18, 2025 – Source: TradingView

Gold is still holding within a $4,000 to $4,240 range but seems to be contracting as things unroll.

The MA 200 largely flatlining confirms this point, therefore watch for a breakout of the Triangle formation if you want to trade a directional price action.

If not, one can look at opportunities within the triangle formation (strong support and resistances are there for now).

Gold technical levels of interest:

Resistance Levels

Current All-time High resistance $4,250 to $4,400 (ATH $4,380)
Hourly Resistance and Triangle top $4,200 to $4,240
Session highs $4,080

Support Levels

Hourly Support and Triangle bottom $4,000 to $4,030
Major Pivot $3,950 to $4,000
$3,700 consolidation Support
$3,500 Major Support

Silver (XAG) holds a strong range

Silver (XAG/USD) Daily Chart

Screenshot 2025-11-18 at 3.21.46 PM — Silver (XAG) Daily Chart, November 18, 2025 – Source: TradingView

Silver has had quite a run to its new all-time highs, even outperforming Gold towards its rise.

However, momentum as calmed down quite suddenly, leading to a $47 to $52 broad range in the past week of action.

The action is more sideways than anything, but bulls are trying to accumulate some momentum as can be seen in the few breakout attempts that need more strength.

Still, some small consistent buying is currently playing out, so watch for any breakouts beyond hourly support and resistance levels – more details on them right below.

Silver (XAG/USD) 4H Chart and levels

Screenshot 2025-11-18 at 3.11.28 PM — Silver (XAG) 4H Chart, November 18, 2025 – Source: TradingView

Levels to watch for Silver (XAG) trading:

Resistance Levels:

Immediate Pivot $50.50 to $51.25
2025 record $55.48
$52 to $53 mini-resistance
$51.18 session highs
Potential resistance 1 $57.50 to $60 (1.382% from 2022 lows)
Potential resistance 2 $62 to $65 (1.618 from Impulsive Move)

Support Levels:

$48.30 to $49 support
$47 low of potential daily channel
$45.55 October 28 lows
$43.00 to $45.00 Weekly pivot
$39.50 to $40 higher timeframe support
2012 Highs Support around $37.50

Safe Trades!

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