Gold chart pattern
The daily bar chart pattern of Gold formed a small 'double top' reversal pattern just below 1380, and started a correction that is receiving support from its 20 day EMA and the 1320 level.
All three EMAs are rising, and gold's price is trading above them in a bull market. So, the dip is providing an adding opportunity.
Daily technical indicators are correcting overbought conditions and showing downward momentum. MACD and RSI are still in bullish zones, but Slow stochastic has slipped below its 50% level into bearish zone.
Some more consolidation or correction is likely before gold can resume its up move.
BrExit concerns have receded. That doesn't mean gold's price can't move even higher. It may take a little time.
On longer term weekly chart (not shown), gold’s price closed above its three weekly EMAs in long-term bull territory for the 6th week in a row. The 20 week EMA has crossed above the 200 week EMA. The 'golden cross' of the 50 week EMA above the 200 week EMA is still awaited. Weekly technical indicators are correcting overbought conditions.
Silver chart pattern
The daily bar chart pattern of Silver surged above the 21 level - backed by a huge volume spike on Jul 5 - but closed at 20. It has been consolidating sideways within a 'symmetrical triangle' pattern since then.
Triangles are unreliable patterns. A break out can occur in either direction. Since silver's price is trading in bull territory, an upward break out is more likely.
However, daily technical indicators are in the process of correcting overbought conditions, and MACD has formed a small 'rounding top' reversal pattern inside its overbought zone.
The possibility of a downward break out from the triangle can't be ruled out. Should that happen, it will be a good buying opportunity.
On longer term weekly chart (not shown), silver’s price closed above its falling 200 week EMA in long-term bull territory for the 3rd straight week. All three weekly technical indicators are beginning to correct overbought conditions. A pullback towards the 200 week EMA seems likely.
The daily bar chart pattern of Gold formed a small 'double top' reversal pattern just below 1380, and started a correction that is receiving support from its 20 day EMA and the 1320 level.
All three EMAs are rising, and gold's price is trading above them in a bull market. So, the dip is providing an adding opportunity.
Daily technical indicators are correcting overbought conditions and showing downward momentum. MACD and RSI are still in bullish zones, but Slow stochastic has slipped below its 50% level into bearish zone.
Some more consolidation or correction is likely before gold can resume its up move.
BrExit concerns have receded. That doesn't mean gold's price can't move even higher. It may take a little time.
On longer term weekly chart (not shown), gold’s price closed above its three weekly EMAs in long-term bull territory for the 6th week in a row. The 20 week EMA has crossed above the 200 week EMA. The 'golden cross' of the 50 week EMA above the 200 week EMA is still awaited. Weekly technical indicators are correcting overbought conditions.
Silver chart pattern
The daily bar chart pattern of Silver surged above the 21 level - backed by a huge volume spike on Jul 5 - but closed at 20. It has been consolidating sideways within a 'symmetrical triangle' pattern since then.
Triangles are unreliable patterns. A break out can occur in either direction. Since silver's price is trading in bull territory, an upward break out is more likely.
However, daily technical indicators are in the process of correcting overbought conditions, and MACD has formed a small 'rounding top' reversal pattern inside its overbought zone.
The possibility of a downward break out from the triangle can't be ruled out. Should that happen, it will be a good buying opportunity.
On longer term weekly chart (not shown), silver’s price closed above its falling 200 week EMA in long-term bull territory for the 3rd straight week. All three weekly technical indicators are beginning to correct overbought conditions. A pullback towards the 200 week EMA seems likely.
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