Following in the shadow of Gold, Silver is just a few cent short of making a new highs here.
Expect $17.5~18.5 in the following days ahead.
Nice bottoming overall...
Quick update in gold..
Price action have been holding up ridiculously well for the past month despite the record pace of rallying in the stock market.
SPY:
However, the divergence between USDJPY continues which does not bode well for stocks.
USDJPY:
On the lower timeframe perspective of gold (4~ 12 hour), it does seems that we have made a higher...
Downward movement is just started on daily basis. 14.775 will act as support if this point will break then sellers will get in the market in no time. Also COT report must be tracked this weekend.
I am very BULLISH SILVER but that doesn't mean its not worth shorting if the technicals are favourable.
My preference is to get LONG above 15.87 but if price falls below 15.69 then I'll look to SHORT down to 15.52 (200 sma on H1) or lower.
After a long bear market silver made a rounded bottom and is now clearly heading north. The MA50 is going to cross soon MA200 and RSI is showin a bullish divergence on the last top. After a local top close to 16, price retraced to 0,5 level and is now keeping with the uptrend. The breaking out of resistance around 15,7 could be a good entry point.
Today's Chart - XAU/USD
Overview :
Gold gave up some of its sharp overnight gains on Friday, but held above $1,200 an ounce as a drop in equities stoked fresh safe-haven demand for the metal.
On Technical charts, Current trend of Gold is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom...
A break above 1180 could signal the end of the secular bear market within the larger bull market of gold, as for the first time gold made a higher high price since it fell from a peak of 1900.
Current price action is considerately overbought, but every dip was bought up given the fear and global macro.
Next few days we might potentially see Dollar correcting by...
