TriumphFX – Gold & Silver Update – July, August & September 2021

Previous analysis…

GOLD – XAUUSD – Daily & Weekly Charts 

XAUUSD Weekly Chart
XAUUSD Daily Chart

As suggested in our last analysis, XAUUSD reversed around 1675 and the weekly shorter-term moving average.

Price is up-trending and is currently in a retrace move. The weekly moving averages are bullish and steady, signalling that GOLD could attempt to swing higher.

The daily time-frame is showing market indecision – price has been choppy and has been moving sideways. The daily moving averages are tightening and moving sideways, suggesting that the market indecision could continue.

Buying opportunities may exist around the weekly longer-term moving average, around the trend support area and around any of the horizontal levels at 1760, 1700, 1680, 1460 and 1350. A bullish move could be rejected or reverse around the weekly longer-term moving average and around the horizontal levels at 1910, 1960, 2025 and 2070.

SILVER – XAGUSD – Daily & Weekly Charts 

XAGUSD Weekly Chart
XAGUSD Daily Chart

SILVER has been reversing off a range resistance area, as suggested in our last GOLD & SILVER analysis.

Price continues to be indecisive and range on the weekly time-frame (22.59-28.63). The moving averages are bullish and widening though, signalling that XAGUSD may attempt a bullish move higher.

The daily time-frame is also still showing a clear range at 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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