Gold chart pattern
The daily bar chart pattern of Gold faced strong resistance from its falling 20 day EMA after a short pullback rally, and resumed its correction from the Apr '18 top of 1370.
'Support/Resistance zone 2' (between 1237 & 1248) provided only a few days' support before gold's price plunged down to touch an intra-day low of 1212 on Jul 19th. A brief technical bounce faced resistance from 1237 level and closed lower.
Daily technical indicators are looking bearish and oversold. RSI and Slow stochastic showed positive divergences by touching higher bottoms while gold's price dropped lower. The subsequent technical bounce was weak.
Gold's price is trading below its three falling EMAs in a bear market.
On longer term weekly chart (not shown), gold’s price closed well below its three weekly EMAs in long-term bear territory. Weekly technical indicators are looking bearish and oversold. The 50 week EMA has formed a bearish 'rounding top' pattern and is falling towards the 200 week EMA.
Silver chart pattern
Bears were expected to sell on every rise on the daily bar chart pattern of Silver, and so they did. A brief pullback rally from the 'Support/Resistance zone' (between 15.60 & 15.80) faced strong resistance from the falling 20 day EMA.
Silver's price received the briefest of supports from the 'Support/Resistance zone' before plunging to an intra-day low of 15.14 on Jul 19th. The subsequent technical bounce faced resistance from 15.60 level and closed lower.
Daily technical indicators are looking bearish and oversold. Slow stochastic showed positive divergence by not falling lower with silver's price, but triggered only a weak pullback.
Silver's price is trading well below its three falling EMAs in a bear market.
On longer term weekly chart (not shown), silver’s price closed below its three falling weekly EMAs in a long-term bear market. Weekly technical indicators are falling in bearish zones. Slow stochastic has dropped inside its oversold zone.
The daily bar chart pattern of Gold faced strong resistance from its falling 20 day EMA after a short pullback rally, and resumed its correction from the Apr '18 top of 1370.
'Support/Resistance zone 2' (between 1237 & 1248) provided only a few days' support before gold's price plunged down to touch an intra-day low of 1212 on Jul 19th. A brief technical bounce faced resistance from 1237 level and closed lower.
Daily technical indicators are looking bearish and oversold. RSI and Slow stochastic showed positive divergences by touching higher bottoms while gold's price dropped lower. The subsequent technical bounce was weak.
Gold's price is trading below its three falling EMAs in a bear market.
On longer term weekly chart (not shown), gold’s price closed well below its three weekly EMAs in long-term bear territory. Weekly technical indicators are looking bearish and oversold. The 50 week EMA has formed a bearish 'rounding top' pattern and is falling towards the 200 week EMA.
Silver chart pattern
Bears were expected to sell on every rise on the daily bar chart pattern of Silver, and so they did. A brief pullback rally from the 'Support/Resistance zone' (between 15.60 & 15.80) faced strong resistance from the falling 20 day EMA.
Silver's price received the briefest of supports from the 'Support/Resistance zone' before plunging to an intra-day low of 15.14 on Jul 19th. The subsequent technical bounce faced resistance from 15.60 level and closed lower.
Daily technical indicators are looking bearish and oversold. Slow stochastic showed positive divergence by not falling lower with silver's price, but triggered only a weak pullback.
Silver's price is trading well below its three falling EMAs in a bear market.
On longer term weekly chart (not shown), silver’s price closed below its three falling weekly EMAs in a long-term bear market. Weekly technical indicators are falling in bearish zones. Slow stochastic has dropped inside its oversold zone.
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