Gold chart pattern
A 6 weeks long rally in the US Dollar index seems to have severely dampened bullish enthusiasm on the daily bar chart pattern of Gold.
After receiving some support from its 200 day EMA inside the 'support zone' and rallying briefly to test resistance from its falling 50 day EMA, gold's price fell below 1300 on May 15 - for the first time since the beginning of the year - with a volume surge.
On May 21, gold's price touched an intra-day low of 1282 - losing almost 90 points from its Apr '18 top - but formed a 'hammer' candlestick pattern that triggered a pullback inside the 'support zone'.
The merged 20 day and 200 day EMAs are providing resistance to the pullback rally. Daily technical indicators have corrected oversold conditions, but remain in bearish zones.
The breakout below the 'support zone' is a clear hint from bears that they will continue to 'sell on every rise' to retain their advantage.
On longer term weekly chart (not shown), gold’s price closed below its 20 week EMA but above its 50 week and 200 week EMAs in long-term bull territory. Weekly technical indicators are looking neutral to bearish. MACD is falling below its signal line in bullish zone. RSI is in neutral zone. Slow stochastic has fallen to the edge of its oversold zone.
Silver chart pattern
The daily bar chart pattern of Silver continued its sideways consolidation with a slight downward bias, which is evident from the resistance provided by the gradually sliding 200 day EMA.
On May 16, silver's price bounced up after receiving support from the 'support zone' and rallied for the next few days towards its 200 day EMA. Like its previous rally from the 'support zone' at the beginning of the month, silver's price retreated after facing resistance from the 200 day EMA on May 25.
Daily technical indicators are in neutral zones and not showing any upward or downward momentum. Expect the consolidation to continue a while longer.
On longer term weekly chart (not shown), silver’s price closed below its three sliding weekly EMAs in a long-term bear market. Weekly MACD and RSI are in neutral zones. Slow stochastic is in bearish zone.
A 6 weeks long rally in the US Dollar index seems to have severely dampened bullish enthusiasm on the daily bar chart pattern of Gold.
After receiving some support from its 200 day EMA inside the 'support zone' and rallying briefly to test resistance from its falling 50 day EMA, gold's price fell below 1300 on May 15 - for the first time since the beginning of the year - with a volume surge.
On May 21, gold's price touched an intra-day low of 1282 - losing almost 90 points from its Apr '18 top - but formed a 'hammer' candlestick pattern that triggered a pullback inside the 'support zone'.
The merged 20 day and 200 day EMAs are providing resistance to the pullback rally. Daily technical indicators have corrected oversold conditions, but remain in bearish zones.
The breakout below the 'support zone' is a clear hint from bears that they will continue to 'sell on every rise' to retain their advantage.
On longer term weekly chart (not shown), gold’s price closed below its 20 week EMA but above its 50 week and 200 week EMAs in long-term bull territory. Weekly technical indicators are looking neutral to bearish. MACD is falling below its signal line in bullish zone. RSI is in neutral zone. Slow stochastic has fallen to the edge of its oversold zone.
Silver chart pattern
The daily bar chart pattern of Silver continued its sideways consolidation with a slight downward bias, which is evident from the resistance provided by the gradually sliding 200 day EMA.
On May 16, silver's price bounced up after receiving support from the 'support zone' and rallied for the next few days towards its 200 day EMA. Like its previous rally from the 'support zone' at the beginning of the month, silver's price retreated after facing resistance from the 200 day EMA on May 25.
Daily technical indicators are in neutral zones and not showing any upward or downward momentum. Expect the consolidation to continue a while longer.
On longer term weekly chart (not shown), silver’s price closed below its three sliding weekly EMAs in a long-term bear market. Weekly MACD and RSI are in neutral zones. Slow stochastic is in bearish zone.
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