GOLD has hit 6 year highs, prices not seen since 2013. Will the upside momentum continue?
GOLD – Daily – XAUUSD
As suggested in our last GOLD analysis, XAUUSD has continued to be bullish and move higher. Price is clearly up-trending. The moving averages are bullish and widening, signalling that the uptrend may continue.
Opportunities to go long could exist around the dynamic support of the moving averages, around the trend support area and around the horizontal level at 1341. GOLD may find resistance around the recent highs at 1547.
SILVER – Daily – XAGUSD
As suggested in our last SILVER chart analysis, price closed above the range resistance and has since been bullish. The XAGUSD is clearly up-trending. The moving averages have just crossed bullish, signalling that the uptrend may continue.
If SILVER starts retracing, buying opportunities could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the previous range resistance at 16.10.
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