Gold and Silver charts: bears still on top


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Gold chart pattern

The daily bar chart pattern of Gold has re-entered and closed inside the ‘Support/Resistance zone’ between 1230 & 1240 (refer previous post), and may make an attempt to test resistance from its falling 200 day EMA.

Strong trading volumes during recent down days reveal that bears are very much on top. Expect bears to put up a fight to defend the long-term moving average and prevent gold’s price from entering bull territory. 

Daily technical indicators are looking bullish. MACD has crossed above its ‘0’ line to enter bullish zone. RSI is rising above its 50% level. Slow stochastic has entered its overbought zone.

Some near-term upside is likely. Gold’s price needs to move convincingly above its 200 day EMA and the 1280 level for bulls to regain control of the chart.

On longer term weekly chart (not shown), gold’s price closed above its 20 week EMA, but below its 50 week and 200 week EMAs in long-term bear territoryWeekly technical indicators are turning bullish. MACD is rising above its signal line in bearish zone. RSI looks poised to cross above its 50% level. Slow stochastic is moving up in bullish zone after falling from its overbought zone.

Silver chart pattern


The daily bar chart pattern of Silver managed to close just above its 50 day EMA with good volume support, but remains well below its falling 200 day EMA in a bear market.

Daily technical indicators are turning bullish. MACD has crossed above its signal line in bearish zone. RSI has moved above its 50% level. Slow stochastic is rising towards its overbought zone. 

Some more near-term upside is likely. Expect strong resistance from the zone between 15.0 and 15.25.

On longer term weekly chart (not shown), silver’s price closed below its three weekly EMAs in a long-term bear marketWeekly technical indicators are in their respective bearish zones, but showing upward momentum. 

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