The silver (XAUUSD) has been trading in a range following the spike in the price last July 2020. Traders with bearish and bullish view are testing prices in the search for indications of the next level. The weekly chart shows this battle forms a consolidation process and a triangle pattern with bears losing power in every drop. A breakout occurs when prices...
The dollar is weakening still. H4 MACD looks promising. I expect a strong push to the upside. In addition to the first chart I have included my secondary thoughts on expected action on Gold. Again there is risk. Trade and tread with caution.
A double bottom has already formed on Silver 240 chart. We are waiting a green kicker candle for demand momentum confirmation.
Reward to risk = 1.4/1.
Enter around 1.21069 - Entry reason: Bearish engulfing .
Entry - awaiting green kicker.
S.L. is around 24.77787
T.P. is approx. 26.15417
This is a fascinating insight into Gold. My best TA video so far.
Why I am very bearish on gold?
There's a litany of reasons in this video.
I am adding another Gold video as this one uploads to demonstrate how important the 21 week exponential moving average has been. This is incredible!! The March covid19 sell off dissected and lessons learned for next time!
As gold sells off following the overreaction to positive vaccine news and a supposed election conclusion, I am looking for our downside targets. This is in my opinion will finally result in a healthy correction for gold following a parabolic move from March to August.
For now the support at around 1850 is holding, I expect this to break however. From here we can...
As gold sells off following the overreaction to vaccine news and a supposed election conclusion, there is weakness afoot. This is in my opinion a chance at finally having a proper correction following the almost parabolic surge since March.
For now the support at around 1850 is holding, I expect this to break however. From here we can see that the 60% fib...
Gold is now in corrections on H4 with A- & B- waves created. The remaining wave part is C- (IF the corrections will be simple). Will the correction end up as a ZigZag or a regular flat? What perhaps likely to occur early next trading week is that the precious metal may fall further...
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk...
My fundamentals and technical analysis suggest the Silver is on an uptrend channel. Gold-Silver-Ratio indicates a strong dislocation in the precious metal market. Silver bounced back from 11.6 to 16.11 (at the 0.618 Fibonacci retracement line). Using a Pitchfork, I drew the upward trend crossing through the middle of multiples tops and lows since the 18 March (the...