The following comments were made in the previous post on the daily bar chart pattern of Gold: "Daily technical indicators have been in oversold zones for more than a month, and showing positive divergences by not falling lower with gold's price. Don't expect a trend reversal any time soon, as bears are selling on every rise."
Gold's price found some support at 1130, followed by a technical bounce that took gold's price just above its 20 day EMA on Dec 29.
However, after moving briefly above the 1160 level on the last trading day of the year, gold's price formed a 'reversal day' bar (higher high, lower close) that often marks an intermediate top.
Daily technical indicators are giving mixed signals. MACD is rising above its signal line, but remains in negative zone. Slow stochastic has climbed above its 50% level. RSI failed to reach its 50% level and has turned down.
With the US Dollar remaining strong, bears are likely to ensure that gold's price stays subdued.
On longer term weekly chart (not shown), all three weekly EMAs are falling, and gold’s price has closed well below them in a long-term bear market. Weekly technical indicators are looking bearish and oversold.
Silver chart pattern
The daily bar chart pattern of Silver bounced up after receiving support from the 15.75 level, but faced strong resistance from its falling 20 day EMA.
On Dec 30, a 'reversal day' bar (higher high, lower close) put paid to any bullish hopes.
Daily technical indicators are in bearish zones and not showing any upward momentum. Lower levels are likely.
On longer term weekly chart (not shown), silver’s price closed well below its three weekly EMAs in a long-term bear market. Weekly technical indicators are looking bearish and oversold.