We had a nice week for gold and silver.
Both rallied higher as DXY fell and reached below 103. The level that we have been waiting for in the past weeks. Now that DXY had a nice weakly bearish candle closing below 103, what should we expect for gold and silver?
Would this rally continue this week as well? I don't know. I'm just enjoying the ride. However, there will be always a correction. so let's talk about that.
As you can see silver exactly followed our green scenario in the past three weeks. Gold also moved in the direction we expected and surprised me with its vertical move. 😁
I think this week we can also see green weekly candles in gold and silver and a big red candle in DXY. However, in case of a correction at THESE PRICES, these are my expected levels for gold, silver, and DXY.
GOLD: A strong support for gold would be $2040 - $2080 area.
SILVER: A strong support for silver would be $23 - $23.5
DXY: A strong resistance for DXY would be 103.5
Both rallied higher as DXY fell and reached below 103. The level that we have been waiting for in the past weeks. Now that DXY had a nice weakly bearish candle closing below 103, what should we expect for gold and silver?
Would this rally continue this week as well? I don't know. I'm just enjoying the ride. However, there will be always a correction. so let's talk about that.
As you can see silver exactly followed our green scenario in the past three weeks. Gold also moved in the direction we expected and surprised me with its vertical move. 😁
I think this week we can also see green weekly candles in gold and silver and a big red candle in DXY. However, in case of a correction at THESE PRICES, these are my expected levels for gold, silver, and DXY.
GOLD: A strong support for gold would be $2040 - $2080 area.
SILVER: A strong support for silver would be $23 - $23.5
DXY: A strong resistance for DXY would be 103.5