TriumphFX – Gold & Silver Analysis – August, September, October 2022

Previous analysis…

GOLD – XAUUSD – Daily & Weekly Charts – Indecisive

XAUUSD Weekly Chart
XAUUSD Daily Chart

As suggested in our previous GOLD analysis, XAUUSD reversed off 2025 and 2045.

Price was up-trending but is now looking indecisive. GOLD is moving sideways and is ranging between 1705 and 2025. Price is currently testing the range support area. The weekly moving averages confirm the current indecision – they are tight and crossing frequently.

On the daily time-frame, XAUUSD has also been indecisive but has recently formed a series of lower swing highs and lower swing lows – price is down-trending. The daily moving averages are bearish and steady and price action has formed a bearish channel, all suggesting that the downtrend could continue.

Trading opportunities may exist around the support and resistance areas of the range and if GOLD moves out of the range (break-out trade). A break to the downside could find support around 1460 and 1350. Selling opportunities may exist around the daily moving averages and around the daily bearish channel resistance area.

SILVER – XAGUSD – Daily & Weekly Charts – Potential downside?

XAGUSD Weekly Chart
XAGUSD Daily Chart

Price closed below the range support area and then found support around 18.70, as suggested in our last chart analysis.

XAGUSD is below the recent consolidation and is forming a lower swing low, suggesting a potential downtrend. The moving averages confirm the possible downside – they have crossed bearish. Price action has formed a bearish channel.

The daily time-frame shows a clear downtrend. The moving averages are bearish and steady, signalling that the downtrend may continue.

Opportunities to go short could exist around the daily and weekly moving averages, around the bearish channel resistance area and around the horizontal levels at 22.20, 26.00 and 28.60. A bearish move may be rejected or reverse around the channel support area and around the horizontal levels at 18.70, 14.00 and 12.40.

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