Gold chart pattern
The following comments were made in the previous post on the daily bar chart pattern of Gold: "Slow stochastic has risen towards its overbought zone, and can limit further upside in gold's price...Strong volume bars on recent down days mean bears are not going to yield much further ground without a proper fight."
On Nov 27, gold's price had touched an intra-day high of 1303.40, but slipped down to close just below the 'resistance zone'. The next day, it touched a slightly lower high of 1301.30, but formed a 'doji' candlestick pattern by opening and closing at almost the same level just below the 'resistance zone'.
That was a sign of indecision and weakness that bears exploited to the hilt. Gold's price plummeted below its three EMAs into bear territory, and is trying to form a bottom at 1245.
Daily technical indicators are looking bearish and oversold. More correction can't be ruled out. However, a pullback towards the 200 day EMA can occur at any time. That will provide a selling opportunity.
On longer term weekly chart (not shown), gold’s price closed below its three weekly EMAs in long-term bear territory. Weekly technical indicators are showing downward momentum in bearish zones. Slow stochastic has re-entered its oversold zone, and can trigger a pullback.
Silver chart pattern
The following comments were made in the previous post on the daily bar chart pattern of Silver: "..one needs to wait for the eventual breakout (or not) to decide whether to buy, sell or hold. Strong volumes on recent down days mean bears may have a slight edge."
On Nov 29, silver's price broke out below the 'symmetrical triangle' pattern within which it was consolidating during Oct & Nov '17. It then dropped down vertically like a stone to the 'support zone' (between 15.25 & 15.75).
All three EMAs are falling, and silver's price is trading well below them in a bear market. Daily technical indicators are looking bearish and oversold. That can trigger a technical bounce, which will provide bears another opportunity to sell.
On longer term weekly chart (not shown), silver’s price closed well below its three falling weekly EMAs in a long-term bear market. Weekly technical indicators are looking bearish and showing downward momentum. Slow stochastic is deep inside its oversold zone, and can trigger a pullback.
The following comments were made in the previous post on the daily bar chart pattern of Gold: "Slow stochastic has risen towards its overbought zone, and can limit further upside in gold's price...Strong volume bars on recent down days mean bears are not going to yield much further ground without a proper fight."
On Nov 27, gold's price had touched an intra-day high of 1303.40, but slipped down to close just below the 'resistance zone'. The next day, it touched a slightly lower high of 1301.30, but formed a 'doji' candlestick pattern by opening and closing at almost the same level just below the 'resistance zone'.
That was a sign of indecision and weakness that bears exploited to the hilt. Gold's price plummeted below its three EMAs into bear territory, and is trying to form a bottom at 1245.
Daily technical indicators are looking bearish and oversold. More correction can't be ruled out. However, a pullback towards the 200 day EMA can occur at any time. That will provide a selling opportunity.
On longer term weekly chart (not shown), gold’s price closed below its three weekly EMAs in long-term bear territory. Weekly technical indicators are showing downward momentum in bearish zones. Slow stochastic has re-entered its oversold zone, and can trigger a pullback.
Silver chart pattern
The following comments were made in the previous post on the daily bar chart pattern of Silver: "..one needs to wait for the eventual breakout (or not) to decide whether to buy, sell or hold. Strong volumes on recent down days mean bears may have a slight edge."
On Nov 29, silver's price broke out below the 'symmetrical triangle' pattern within which it was consolidating during Oct & Nov '17. It then dropped down vertically like a stone to the 'support zone' (between 15.25 & 15.75).
All three EMAs are falling, and silver's price is trading well below them in a bear market. Daily technical indicators are looking bearish and oversold. That can trigger a technical bounce, which will provide bears another opportunity to sell.
On longer term weekly chart (not shown), silver’s price closed well below its three falling weekly EMAs in a long-term bear market. Weekly technical indicators are looking bearish and showing downward momentum. Slow stochastic is deep inside its oversold zone, and can trigger a pullback.
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