GOLD & SILVER Update – January, February & March 2020


 

GOLD – XAUUSD – Daily Chart 

 

As suggested in our last GOLD chart analysis, price found resistance around 1547 and has since been retracing. During the current retrace move, GOLD found support around the shorter-term moving average (as also suggested in our last GOLD chart analysis). Price is up-trending and is currently in a retrace phase. The retrace move has formed a bearish channel. The moving averages are bullish and steady, signalling that GOLD could attempt a bullish move higher.

Buying opportunities may exist around the longer-term moving average, around any of the key Fib levels, around the trend support area, if price closes above the bearish channel resistance area and around the horizontal levels at 1453 and 1341. A bullish move could be rejected or reverse around the shorter-term moving average, around the bearish channel resistance area and around the recent swing high at 1458.

 

SILVER – XAGUSD – Daily & Weekly Charts 

 

SILVER found support around the 38.2% and 50.0% Fib levels and also the longer-term moving average (as suggested in our last SILVER chart analysis). Price is up-trending and is currently in a retrace move. The moving averages are bullish and steady, suggesting that the uptrend may continue.

Opportunities to go long could exist around the longer-term moving average, around the 61.8% Fib level, around the trend support area and around the horizontal levels at 16.55 and 16.05. A bullish move may stall or reverse around the shorter-term moving average and around the horizontal resistance levels at 18.15, 18.65 and 19.55.