Gold chart pattern
The following comments were made in the previous post on the daily bar chart pattern of Gold: "Daily technical indicators are looking oversold. But don't expect a strong fight back by bulls. Any attempt at a pullback will provide another selling opportunity."
Bears used every rise to sell. Gold's price dropped to an intra-day low of 1237 on Jul 3, but formed a 'reversal day' bar (lower low, higher close) with good volume support.
Oversold technical indicators triggered a pullback rally that is facing resistance from the falling 20 day EMA. A dip in the US Dollar index also helped bullish cause.
Daily technical indicators have corrected oversold conditions, but remain in bearish zones. Expect resistance from 1280 if the rally continues further.
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 in bearish zones. MACD is falling below its signal line. RSI is moving sideways. Slow stochastic is trying to recover from its oversold zone.
Silver chart pattern
The following comments were made in the previous post on the daily bar chart pattern of Silver: "On Thu. Jun 21, silver's price dropped to seek support from the 'Support zone' (between 16.10 and 16.20), only to bounce up - as it has done several times during the past 5 months. How much longer can the 'Support zone' hold?"
Bears answered the question emphatically. Silver's price dropped to the next 'support zone' (between 15.60 and 15.80), only to pullback above 16.20 - where it faced resistance from its falling 20 day EMA.
All three EMAs are falling, and silver's price is trading below them in a bear market. Expect bears to sell on every rise.
Daily technical indicators are in bearish zones. Only Slow stochastic is showing upward momentum.
On longer term weekly chart (not shown), silver’s price closed below its three sliding weekly EMAs in a long-term bear market. Weekly technical indicators are in bearish zones. Slow stochastic has slipped inside its oversold zone.
The following comments were made in the previous post on the daily bar chart pattern of Gold: "Daily technical indicators are looking oversold. But don't expect a strong fight back by bulls. Any attempt at a pullback will provide another selling opportunity."
Bears used every rise to sell. Gold's price dropped to an intra-day low of 1237 on Jul 3, but formed a 'reversal day' bar (lower low, higher close) with good volume support.
Oversold technical indicators triggered a pullback rally that is facing resistance from the falling 20 day EMA. A dip in the US Dollar index also helped bullish cause.
Daily technical indicators have corrected oversold conditions, but remain in bearish zones. Expect resistance from 1280 if the rally continues further.
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 in bearish zones. MACD is falling below its signal line. RSI is moving sideways. Slow stochastic is trying to recover from its oversold zone.
Silver chart pattern
The following comments were made in the previous post on the daily bar chart pattern of Silver: "On Thu. Jun 21, silver's price dropped to seek support from the 'Support zone' (between 16.10 and 16.20), only to bounce up - as it has done several times during the past 5 months. How much longer can the 'Support zone' hold?"
Bears answered the question emphatically. Silver's price dropped to the next 'support zone' (between 15.60 and 15.80), only to pullback above 16.20 - where it faced resistance from its falling 20 day EMA.
All three EMAs are falling, and silver's price is trading below them in a bear market. Expect bears to sell on every rise.
Daily technical indicators are in bearish zones. Only Slow stochastic is showing upward momentum.
On longer term weekly chart (not shown), silver’s price closed below its three sliding weekly EMAs in a long-term bear market. Weekly technical indicators are in bearish zones. Slow stochastic has slipped inside its oversold zone.
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