Gold chart pattern
The following remark appeared in the previous post on the daily bar chart pattern of Gold: "Slow stochastic has entered its overbought zone, and can trigger a pullback towards the top of the 'wedge'."
The expected pullback turned into a correction. Gold's price dropped back inside the 'falling wedge' (which is the 'handle' of a large 'cup and handle') pattern, and fell below its three EMAs into bear territory.
After touching a low of 1269 on May 21, Gold's price bounced up to close above its 200 day EMA - keeping bullish hopes alive. Recent volume spikes on up days indicate buying interest.
Daily technical indicators are looking neutral to bearish. MACD is facing resistance from its signal line in bearish zone. RSI is facing resistance from its 50% level. Slow stochastic has bounced up from the edge of its oversold zone. Gold's price may make another attempt to break out above the 'wedge'.
After touching a high of 98.26 on May 23 - its highest level in 2 years - the US Dollar index dropped to a low 97.40 on May 24, limiting the upside on Gold's price.
On longer term weekly chart (not shown), gold’s price bounced up after receiving support from its 200 week EMA, and closed just below its 20 week EMA 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 moving sideways at its 50% level. Slow stochastic is moving sideways at the edge of its oversold zone.
Silver chart pattern
The (purple) down trend line has been dominating the daily bar chart pattern of Silver for the past three months, showing that bears are clearly on top, and in no mood to relinquish their advantage.
A few recent attempts at upward break outs have faced strong resistances from the trend line and the 20 day EMA. Silver's price is trading below its three falling EMAs in a bear market.
Daily technical indicators are in bearish zones, but showing slight upward momentum. MACD is facing resistance from its falling signal line. RSI has bounced up from the edge of its oversold zone. Slow stochastic has emerged from its oversold zone.
On longer term weekly chart (not shown), silver's price is trading below its three falling weekly EMAs in a long-term bear market. Weekly technical indicators are in bearish zones and showing downward momentum - suggesting some more correction.
The following remark appeared in the previous post on the daily bar chart pattern of Gold: "Slow stochastic has entered its overbought zone, and can trigger a pullback towards the top of the 'wedge'."
The expected pullback turned into a correction. Gold's price dropped back inside the 'falling wedge' (which is the 'handle' of a large 'cup and handle') pattern, and fell below its three EMAs into bear territory.
After touching a low of 1269 on May 21, Gold's price bounced up to close above its 200 day EMA - keeping bullish hopes alive. Recent volume spikes on up days indicate buying interest.
Daily technical indicators are looking neutral to bearish. MACD is facing resistance from its signal line in bearish zone. RSI is facing resistance from its 50% level. Slow stochastic has bounced up from the edge of its oversold zone. Gold's price may make another attempt to break out above the 'wedge'.
After touching a high of 98.26 on May 23 - its highest level in 2 years - the US Dollar index dropped to a low 97.40 on May 24, limiting the upside on Gold's price.
On longer term weekly chart (not shown), gold’s price bounced up after receiving support from its 200 week EMA, and closed just below its 20 week EMA 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 moving sideways at its 50% level. Slow stochastic is moving sideways at the edge of its oversold zone.
Silver chart pattern
The (purple) down trend line has been dominating the daily bar chart pattern of Silver for the past three months, showing that bears are clearly on top, and in no mood to relinquish their advantage.
A few recent attempts at upward break outs have faced strong resistances from the trend line and the 20 day EMA. Silver's price is trading below its three falling EMAs in a bear market.
Daily technical indicators are in bearish zones, but showing slight upward momentum. MACD is facing resistance from its falling signal line. RSI has bounced up from the edge of its oversold zone. Slow stochastic has emerged from its oversold zone.
On longer term weekly chart (not shown), silver's price is trading below its three falling weekly EMAs in a long-term bear market. Weekly technical indicators are in bearish zones and showing downward momentum - suggesting some more correction.
No comments:
Post a Comment