Previous analysis… https://analysis.tfxi.com/2021/01/04/gold-silver-update-january-february-march-2021/
GOLD – XAUUSD – Daily & Weekly Charts
As suggested in our last GOLD chart analysis, price has been finding support around 1675.
On the weekly time-frame, XAUUSD is clearly up-trending – GOLD has formed a series of higher swing highs and higher swing lows. Price is currently in a retrace move. The weekly moving averages are bullish and steady, signalling that XAUUSD may attempt a move higher.
The daily time-frame is showing the current retrace move as a downtrend. The moving averages are bearish and widening and price is moving within a bearish channel, suggesting that there may be more downside to come.
Opportunities to go long could exist around the weekly longer-term moving average, around the bearish channel support area and around the horizontal levels at 1675, 1548 and 1458. A bullish move may be rejected or reverse around the daily and weekly moving averages, around the channel resistance area and around the horizontal levels at 1770, 1958, 2027 and 2067.
SILVER – XAGUSD – Daily & Weekly Charts
Price has been finding support around the daily trend support area, as suggested in our last chart analysis.
SILVER is ranging on the weekly time-frame (22.59-28.63). The moving averages are bullish and widening though, signalling that XAGUSD could attempt a bullish move higher.
The daily time-frame is also showing a clear range (21.88-29.70). The moving averages confirm the market indecision – they are tight and have been crossing frequently.
Trading opportunities may exist around the support and resistance areas of the ranges and if SILVER moves out of the ranges (break-out trade). A break to the downside could find support around 18.67, 12.40 and 12.09.
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