Looking at the Gold chart, over the last few months we've seen sideways action that led to a descending triangle pushing price down through the previous all-time high. Looking closely at the weekly chart, we see hidden bullish divergence and the price has come down to a local support area. Both Gold & Silver are showing signs of a possible reversal, we wait patiently for the market to show its hand.
Comment:
This one seems to be a slow mover, but we patiently wait for the market to make its eventual move.
Comment:
So far Gold has continued to consolidate in this bullish descending channel and respecting the SR levels nicely. I believe we will see a breakout soon, followed by a strong push to the upside.