The following remarks were made in the previous post on the daily bar chart pattern of Gold: "BrExit concerns have receded. That doesn't mean gold's price can't move even higher. It may take a little time."
Gold's price slipped below its 20 day EMA, but received good support from the 1310 level and bounced up to the 1360 level. A new 52 week high is just about 20 points away.
All three EMAs are rising, and gold's price is trading above them in a bull market. Daily technical indicators are in bullish zones, but MACD is yet to cross above its signal line and the upward momentum of RSI has stalled.
Volumes are a bit of a concern. They need to pick up for the rally to sustain. Otherwise, gold's price can see some consolidation.
On longer term weekly chart (not shown), gold’s price closed above its three weekly EMAs in long-term bull territory for the 8th 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, which will signal a return to a long-term bull market, is awaited. Weekly technical indicators are looking overbought.
Silver chart pattern
Note that silver's price did break down below the triangle, only to pullback to the bottom of the triangle and then fall again. On both occasions, the rising 20 day EMA provided downside support.
Usually, a breakdown from a triangle - and any subsequent pullback - should be a selling opportunity. So, why was it suggested as a buying opportunity? Because of the rapidly rising EMAs indicating strong bullish sentiment.
Can silver's price face a correction? Sliding volumes during the past 4 days seem to suggest as much. Daily technical indicators are in bullish zones, but only Slow stochastic is showing good upward momentum.
On longer term weekly chart (not shown), silver’s price closed above its 200 week EMA in long-term bull territory for the 5th straight week. All three weekly technical indicators are looking overbought and hinting at some consolidation or correction.