GOLD ANALYSIS – November & December 2022
Our previous gold analysis… Click here
METALS ANALYSIS: GOLD – potential downtrend?
As suggested in our last analysis, price closed below the range weekly range support area and has since been bearish.
On the weekly time-frame, GOLD is below the recent consolidation area and has formed a bearish channel, so XAUUSD may start down-trending. The moving averages are still tight and sideways though, suggesting market indecision.
The daily chart is showing a clear downtrend – price action has formed a series of lower swing highs and lower swing lows. The daily moving averages are bearish and steady, so the downside direction may continue.
Selling opportunities could exist around the dynamic resistance of the daily and weekly moving averages and around the daily trend resistance area. Selling opportunities could also exist around the weekly bearish channel resistance area and around any of the horizontal levels at 1705, 1796, 1875, 1910 and 1988. A bearish move may stall or reverse around the bearish channel support area and around any of the horizontal levels at 1627, 1548, 1458, 1350 and 1275.
METALS ANALYSIS: SILVER – down-trending
SILVER has been bearish and has been finding support around the bearish channel support area, as suggested in our previous precious metals chart analysis.
The weekly chart shows A clear downtrend within a bearish channel. But price is currently finding support around the channel support area, signalling a possible retrace move. The weekly moving averages are bearish and widening, so the downtrend could continue.
On the daily time-frame, XAGUSD has recently been moving sideways and has formed a range at 17.85-21.00. The moving averages confirm the current market indecision, so price could start moving sideways.
Trading opportunities may exist around the support and resistance areas of the daily range and if price moves out of the range (break-out trade). Shorting opportunities may exist around the weekly moving averages, around the weekly bearish channel resistance area and around any of the horizontal levels at 22.20, 26.00 and 28.60. A bearish move could find support around the bearish channel support area and around any of the horizontal levels at 16.25, 14.00 and 12.40.
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