GOLD has recently reached 6 year highs, prices not seen since 2013. Will the upside momentum continue?
GOLD – Daily – XAUUSD
As suggested in our last GOLD analysis, price reversed around the longer-term moving average and has swung higher. GOLD is clearly up-trending. The moving averages are bullish and steady, signalling that the upside momentum could continue.
If price starts to retrace, buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 1341, 1322, 1301 and 1270. GOLD could continue to find resistance around 1431.
GOLD – Weekly – XAUUSD
Price has been bullish and has broken to the upside of the recent consolidation (as suggested in our last GOLD analysis). GOLD is above the recent consolidation and price action has formed a number of higher lows, all signalling that price is up-trending. The moving averages are bullish and steady, suggesting that the uptrend may continue.
Long opportunities could exist around the moving averages, around the diagonal support area and around the horizontal levels at 1368, 1183 and 1131.
SILVER – Daily – XAGUSD
As suggested in our last SILVER analysis, XAGUSD continues to be indecisive and lacks trend momentum. The moving averages confirm the market indecision – they are moving sideways and have been crossing frequently.Price is moving within a large range at 14.00-16.10.
Trading opportunities may exist around the support and resistance areas of the range and if SILVER closes out of the range (break-out trade).
SILVER – Weekly – XAGUSD
SILVER has reversed off the diagonal resistance area (as suggested in our last SILVER analysis). Price continues to be indecisive and range between 13.80 and 20.40. The moving averages have been crossing frequently and are moving sideways – confirming the market indecision.
Trading opportunities could exist around the support and resistance areas of the range and if SILVER moves out of the range (break-out). Trading opportunities could also exist around the diagonal resistance area.
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