Gold and Silver charts: bears remain on top

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Gold chart pattern

The daily bar chart pattern of Gold faced strong resistance from the ‘Support/Resistance zone’ between 1230 & 1240, and dropped sharply below its 20 day and 50 day EMAs.

After touching an intra-day low of 1196 on Tue. Nov 13, gold’s price has rallied above its 20 day and 50 day EMAs. Note the sliding volumes, hinting that the rally may soon run out of steam.

Incidentally, gold’s price is almost a mirror-image of the US Dollar index, which spiked to 97.50 on Nov 12 but dropped to 96 on Nov 19 – triggering the rally in gold’s price. 

Daily technical indicators are looking neutral to bullish. MACD is trying to cross above its ‘0’ line after falling briefly below it. RSI has just moved above its 50% level after falling below it. Slow stochastic has bounced up smartly from its oversold zone and has moved above its 50% level. 

Gold’s price is trading below its sliding 200 day EMA in a bear market. Expect it to face resistance from the ‘Support/Resistance zone’ once again.

On longer term weekly chart (not shown), gold’s price closed just below its 20 week EMA, and well below its 50 week and 200 week EMAs in long-term bear territoryWeekly technical indicators are looking slightly bearish. MACD is rising above its signal line in bearish zone. RSI dropped down after facing resistance from its 50% level, but is trying to move up. Slow stochastic has dropped sharply from its overbought zone.

Silver chart pattern

The daily bar chart pattern of Silver touched a 52 week low of 13.86 on Wed. Nov 14, but formed a ‘reversal day’ bar (lower low, higher close) that triggered a sharp rally that is facing resistance from the 20 day EMA.

Volumes have been sliding during the rally. That means the rally may not last much longer. Silver’s price is trading below its 50 day EMA and well below its falling 200 day EMA in a bear market.

Daily technical indicators are looking neutral to bearish. MACD is trying to cross above its falling signal line in bearish zone. RSI is at its neutral zone. Slow stochastic has bounced up from its oversold zone and is rising towards its 50% level. Expect bears to ‘sell on rise’ anytime.

On longer term weekly chart (not shown), silver’s price closed well below its three weekly EMAs in a long-term bear marketWeekly technical indicators are in their respective bearish zones. MACD is moving sideways just above its signal line. RSI has bounced up from the edge of its oversold zone. Slow stochastic is below its 50% level and is not showing any upward momentum. 

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