Gold and Silver charts: bulls unable to make any headway against strong bear resistance


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Gold chart pattern

The daily bar chart pattern of Gold was expected to consolidate sideways in a range between 1220 and 1240. It pretty much did that – remaining below its sliding 200 day EMA in bear territory. 

Gold’s price faced selling pressure when it tried to move above 1240. When it dropped below its 20 day and 50 day EMAs to close at 1212 on Oct 31 – thanks to a spike in the US Dollar index to 97 – it found buying support.

Daily technical indicators are in bullish zones but only Slow stochastic is showing upward momentum. MACD has merged with its signal line. RSI bounced up from its 50% level but has started to move down. Slow stochastic is rising above its 50% level. Expect some more sideways consolidation – may be with a slight upward bias.

On longer term weekly chart (not shown), gold’s price closed just above its 20 week EMA, but below its 50 week and 200 week EMAs in long-term bear territoryWeekly technical indicators are giving mixed signals. MACD is rising above its signal line in bearish zone. RSI has slipped down after facing resistance from its 50% level. Slow stochastic has entered its overbought zone.

Silver chart pattern


For the past 5 weeks, the daily bar chart pattern of Silver has been consolidating sideways in a range between 14.2 and 14.9 while oscillating about its 20 day and 50 day EMAs.

Silver’s price is trading well below its falling 200 day EMA in a bear market. Daily MACD and RSI are in neutral zones. Slow stochastic is rising above its 50% level, and showing upward momentum. Expect some more sideways consolidation.

On longer term weekly chart (not shown), silver’s price is facing resistance from its falling 20 week EMA, and closed well below its 50 week and 200 week EMAs in a long-term bear marketWeekly technical indicators are in their respective bearish zones. MACD and Slow stochastic is showing upward momentum. RSI is moving sideways.

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