The daily bar chart pattern of Gold rallied sharply above its three EMAs and touched an intra-day high of 1320 (a level last touched in Aug '14) on Thu. Jun 16.
However, it formed a 'reversal day' bar (higher high, lower close) with a volume surge, which often marks an intermediate top.
Daily technical indicators are in bullish zones, but MACD and RSI are showing negative divergences by failing to touch new highs with gold's price. Slow stochastic is correcting overbought conditions.
Some correction or consolidation can be expected. As long as gold's price trades above its rising 200 day EMA, bulls will remain in control.
On longer term weekly chart (not shown), gold’s price broke out with strong volume support above its 200 week EMA into long-term bull territory. Weekly technical indicators are looking bullish.
Silver chart pattern
The daily bar chart pattern of Silver rallied to touch an intra-day high of 17.90 on Thu. Jun 16, but fell short of its May '16 top and formed a 'reversal day' bar (higher high, lower close) with strong volume support.
An intermediate top may be in place. Expect some correction or consolidation as the market is discounting 'BrExit' concerns.
All three EMAs are rising, and silver's price is trading above them in a bull market. Dips are providing adding opportunities.
Daily technical indicators MACD and RSI are in bullish zones, but not showing much upward momentum. Slow stochastic is about to drop from its overbought zone.
On longer term weekly chart (not shown), silver’s price is trading well above its 20 week and 50 week EMAs but below its falling 200 week EMA in a long-term bear market. Weekly technical indicators are in bullish zones.