Gold chart pattern
The following remarks were made in the previous post on the daily bar chart pattern of Gold: "A convincing move above 1265 can lead to a test of the Apr 17 top. Bears may use the rise to sell again."
The rally in gold's price continued past 1265 and touched a high of 1286 on Mon. Jun 5 - still about 10 points short of the Apr 17 top - but formed a 'doji' candlestick pattern that indicates indecision among bulls and bears.
Daily technical indicators are in bullish zones, with MACD and RSI showing upward momentum. However, Slow stochastic is well inside its overbought zone, but its upward momentum has stalled.
A convincing move above 1296 is required for the bullish pattern of 'higher tops, higher bottoms' to continue. Bears will try to prevent such a move.
On longer term weekly chart (not shown), gold’s price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are in bullish zones and showing upward momentum.
Silver chart pattern
The following comment appeared in the previous post on the daily bar chart pattern of Silver: "Silver's price will require a strong move above its sliding 200 day EMA to escape from the bear stranglehold on the chart."
Silver's price faced resistance from its 200 day EMA and dropped down to seek support from its rising 20 day EMA. A strong volume surge on Fri. Jun 2 propelled silver's price above its 200 day EMA into bull territory.
Daily technical indicators are looking bullish. Slow stochastic is inside its overbought zone, but its upward momentum has stalled.
Silver's rally may continue a bit longer, but expect bears to pounce at any time.
On longer term weekly chart (not shown), silver’s price closed above its entangled 20 and 50 week EMAs, but below its sliding 200 week EMA in a long-term bear market. Weekly technical indicators are in neutral zones, with Slow stochastic showing upward momentum.
The following remarks were made in the previous post on the daily bar chart pattern of Gold: "A convincing move above 1265 can lead to a test of the Apr 17 top. Bears may use the rise to sell again."
The rally in gold's price continued past 1265 and touched a high of 1286 on Mon. Jun 5 - still about 10 points short of the Apr 17 top - but formed a 'doji' candlestick pattern that indicates indecision among bulls and bears.
Daily technical indicators are in bullish zones, with MACD and RSI showing upward momentum. However, Slow stochastic is well inside its overbought zone, but its upward momentum has stalled.
A convincing move above 1296 is required for the bullish pattern of 'higher tops, higher bottoms' to continue. Bears will try to prevent such a move.
On longer term weekly chart (not shown), gold’s price closed above its three weekly EMAs in long-term bull territory. Weekly technical indicators are in bullish zones and showing upward momentum.
Silver chart pattern
The following comment appeared in the previous post on the daily bar chart pattern of Silver: "Silver's price will require a strong move above its sliding 200 day EMA to escape from the bear stranglehold on the chart."
Silver's price faced resistance from its 200 day EMA and dropped down to seek support from its rising 20 day EMA. A strong volume surge on Fri. Jun 2 propelled silver's price above its 200 day EMA into bull territory.
Daily technical indicators are looking bullish. Slow stochastic is inside its overbought zone, but its upward momentum has stalled.
Silver's rally may continue a bit longer, but expect bears to pounce at any time.
On longer term weekly chart (not shown), silver’s price closed above its entangled 20 and 50 week EMAs, but below its sliding 200 week EMA in a long-term bear market. Weekly technical indicators are in neutral zones, with Slow stochastic showing upward momentum.
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