Silver is back at multi month support levels. CoT looks encouraging and much better then in gold. It probably improved further since tuesday. It is that time of the year where the precious metals sector has in the past repeatedly found important lows.
The correction in Gold can still go further, so this might be a bit early. Nevertheless, i expect silver to start leading gold again in the coming months, therefore it would be normal for silver to tread water here, while the overall correction finishes.
I already got half a position on friday, and look forward to add if price drops lower or confirms the low.
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Good Start. Looks like silver (at 10day ema now) and miners leading gold out of the low. Today is Fed day, so one should not overvalue this price action, nevertheless this looks promising. First green heikin ashi in some time on daily.
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Reaching Resistance, taking some profit, may readd lower if there is some sort of pullback
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Closed right at trendline.
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17,21 pullback starting? Sometimes i wonder if all one needs to trade are horizontal support and resistance lines.
@Poka.star91, hey, i took a short break, was on vacation. Gold looking good, silver and miners not so much. DXY and EUR/USD close to their multiyear trendlines, i doubt these will be broken on first try. Italy general election on march 4. My view atm is, Gold still has some room to run but its getting late time-wise, maybe a marginal break above the 2016 highs or 1400, then correction.
poka.star91
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@AnRuaN, ok cool , glad your back , i think you definitely have some good insights usually in line with mine .
poka.star91
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What are you seeing in Gold now ?
poka.star91
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Perfect hit on this one . Honestly wasn't believing it but got out of my short with a profit . What is the target in Gold now ? Is this major bottom ?
AnRuaN
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@Poka.star91, thanks, good to hear you got out, i know a few who missed the exit, i think sooner or later gold will close the gap at 1348, short term definitly due for a pause. Purely looking at price action in gold, silver and miners i would say there is a high chance this was a major low, but on the other hand most of it was low vol holiday trading and gold broke correlation with uj, so I´m still holding my judgement until everyone is back from holidays.