Previous analysis… https://analysis.tfxi.com/2020/09/23/gold-silver-update-october-november-december-2020/
GOLD – XAUUSD – Daily & Weekly Charts
As suggested in our last XAUUSD chart analysis, GOLD has reversed around the weekly moving average.
Price is up-trending on the weekly time-frame. The weekly moving averages are bullish and widening, suggesting that the uptrend could continue. XAUUSD is currently in a retrace phase.
On the daily time-frame, GOLD is currently moving within a bearish channel. The moving averages are starting to move sideways, signalling market indecision.
Buying opportunities may exist if price closes above the daily bearish channel resistance area, around the daily and weekly moving averages, around the weekly trend support area and around the horizontal levels at 1779, 1675 and 1458. A bullish move could be rejected or reverse around the bearish channel resistance area and around the horizontal resistance levels at 1958, 2027 and 2067.
SILVER – XAGUSD – Daily & Weekly Charts
SILVER has reversed around the 38.2% weekly Fib level, as suggested in our last XAGUSD analysis.
On the weekly time-frame, price is up-trending and is currently in a retrace phase. The moving averages are bullish and widening, signalling that the upside direction may continue.
XAGUSD is also up-trending on the daily chart. The moving averages have been crossing frequently though and are currently tight, suggesting indecision.
Opportunities to go long could exist around the weekly Fib levels, around the dynamic support of the daily and weekly moving averages, around the daily trend support area and around the horizontal levels at 22.65, 21.90 and 18.70. A bullish move may stall or reverse around 28.05 and 29.75.
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