Gold chart pattern
The daily bar chart pattern of Gold has been consolidating sideways for the past two weeks. It faced strong resistances from its falling 20 day EMA and the 'Support/Resistance zone 2' (between 1237 & 1248).
The 200 day EMA has formed a bearish 'rounding top' pattern. All three EMAs are falling. Gold's price is trading below them in a bear market, but is trying to find support from the zone between 1200 & 1210.
Daily technical indicators have corrected oversold conditions, but are not showing any upward momentum. Expect the sideways consolidation to continue a while longer.
Bulls may indulge in bottom fishing after a sharp fall. Bears are unlikely to release their strong grip on the chart.
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 20 week EMA has crossed below the 200 week EMA. The 50 week EMA has formed a bearish 'rounding top' pattern and is falling towards the 200 week EMA.
Silver chart pattern
The daily bar chart pattern of Silver has been consolidating sideways for the past two weeks. It faced resistance from 'Support/Resistance zone' (between 15.60 & 15.80) and remained below its falling 20 day EMA.
All three EMAs are falling. Silver's price is trading below them in a bear market, but is trying to find support from the zone between 15.10 & 15.20.
Daily technical indicators have failed to emerge from bearish zones after correcting oversold conditions. Expect bears to sell on every rise to maintain their domination.
On longer term weekly chart (not shown), silver’s price closed below its three falling weekly EMAs in a long-term bear market. Weekly MACD and RSI are falling in bearish zones. Slow stochastic is falling inside its oversold zone.
The daily bar chart pattern of Gold has been consolidating sideways for the past two weeks. It faced strong resistances from its falling 20 day EMA and the 'Support/Resistance zone 2' (between 1237 & 1248).
The 200 day EMA has formed a bearish 'rounding top' pattern. All three EMAs are falling. Gold's price is trading below them in a bear market, but is trying to find support from the zone between 1200 & 1210.
Daily technical indicators have corrected oversold conditions, but are not showing any upward momentum. Expect the sideways consolidation to continue a while longer.
Bulls may indulge in bottom fishing after a sharp fall. Bears are unlikely to release their strong grip on the chart.
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 20 week EMA has crossed below the 200 week EMA. The 50 week EMA has formed a bearish 'rounding top' pattern and is falling towards the 200 week EMA.
Silver chart pattern
The daily bar chart pattern of Silver has been consolidating sideways for the past two weeks. It faced resistance from 'Support/Resistance zone' (between 15.60 & 15.80) and remained below its falling 20 day EMA.
All three EMAs are falling. Silver's price is trading below them in a bear market, but is trying to find support from the zone between 15.10 & 15.20.
Daily technical indicators have failed to emerge from bearish zones after correcting oversold conditions. Expect bears to sell on every rise to maintain their domination.
On longer term weekly chart (not shown), silver’s price closed below its three falling weekly EMAs in a long-term bear market. Weekly MACD and RSI are falling in bearish zones. Slow stochastic is falling inside its oversold zone.
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