Gold chart pattern
The following remark had appeared in the previous post on the daily bar chart pattern of Gold: "Expect more profit booking, and a pullback towards the 'Support/Resistance zone'."
The pullback may be turning into a correction. Gold's price dropped below the 'support/resistance zone' between 1300 & 1310 and closed below the 50 day EMA on Thu. Sep 21.
A subsequent short-covering bounce with good volume support took gold's price above the 'support/resistance zone' on Mon. Sep 25, but resistance from the 20 day EMA halted further upward progress.
Daily technical indicators are looking bearish. MACD is falling below its signal line in bullish zone. RSI has recovered a bit to its neutral zone after falling below its 50% level. Slow stochastic is inside its oversold zone.
Gold's price is trading well above its rising 200 day EMA in a bull market. However, bears may try to assert themselves and push gold's price down towards the 200 day EMA.
On longer term weekly chart (not shown), gold’s price closed above its three weekly EMAs in bull territory. The 'golden cross' of the 50 week EMA above the 200 week EMA is about to technically confirm a return to a long-term bull market. Weekly technical indicators are in bullish zones but not showing much upward momentum.
Silver chart pattern
The following remark had appeared in the previous post on the daily bar chart pattern of Silver: "Expect more bear selling, and a pullback towards the 200 day EMA."
The expected pullback turned into a correction. Silver's price dropped to close below its 200 day EMA on Thu. Sep 21. A technical bounce on Mon. Sep 25 faced strong resistance from the merging 50 day and 200 day EMAs.
Daily technical indicators are bearish. MACD has fallen to its neutral zone. RSI is in bearish zone and trying to move up to its 50% level. Slow stochastic is in its oversold zone.
Bulls may attempt to push silver's price above the 200 day EMA into bull territory. Bears are likely to prevent any such adventure.
On longer term weekly chart (not shown), silver’s price closed at its converging 20 week and 50 week EMAs, but well below its sliding 200 week EMA in a long-term bear market. Weekly MACD and RSI are in neutral zones. Slow stochastic has dropped down from its overbought zone and can trigger some more correction.
The following remark had appeared in the previous post on the daily bar chart pattern of Gold: "Expect more profit booking, and a pullback towards the 'Support/Resistance zone'."
The pullback may be turning into a correction. Gold's price dropped below the 'support/resistance zone' between 1300 & 1310 and closed below the 50 day EMA on Thu. Sep 21.
A subsequent short-covering bounce with good volume support took gold's price above the 'support/resistance zone' on Mon. Sep 25, but resistance from the 20 day EMA halted further upward progress.
Daily technical indicators are looking bearish. MACD is falling below its signal line in bullish zone. RSI has recovered a bit to its neutral zone after falling below its 50% level. Slow stochastic is inside its oversold zone.
Gold's price is trading well above its rising 200 day EMA in a bull market. However, bears may try to assert themselves and push gold's price down towards the 200 day EMA.
On longer term weekly chart (not shown), gold’s price closed above its three weekly EMAs in bull territory. The 'golden cross' of the 50 week EMA above the 200 week EMA is about to technically confirm a return to a long-term bull market. Weekly technical indicators are in bullish zones but not showing much upward momentum.
Silver chart pattern
The following remark had appeared in the previous post on the daily bar chart pattern of Silver: "Expect more bear selling, and a pullback towards the 200 day EMA."
The expected pullback turned into a correction. Silver's price dropped to close below its 200 day EMA on Thu. Sep 21. A technical bounce on Mon. Sep 25 faced strong resistance from the merging 50 day and 200 day EMAs.
Daily technical indicators are bearish. MACD has fallen to its neutral zone. RSI is in bearish zone and trying to move up to its 50% level. Slow stochastic is in its oversold zone.
Bulls may attempt to push silver's price above the 200 day EMA into bull territory. Bears are likely to prevent any such adventure.
On longer term weekly chart (not shown), silver’s price closed at its converging 20 week and 50 week EMAs, but well below its sliding 200 week EMA in a long-term bear market. Weekly MACD and RSI are in neutral zones. Slow stochastic has dropped down from its overbought zone and can trigger some more correction.
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