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GOLD: Thoughts and AnalysisToday's focus: GOLD Pattern – Channel Test Support – 2023 - 2020 Resistance – 2035.80 - 2055.60 Hi, traders; thanks for tuning in for today's update. Today, we are looking at Gold on the daily chart. Gold saw a solid session to end last week but failed to break its price channel. Will we see the channel hold price and possibly send it back to the bottom on the pattern? Or could we see the current short-term bull run contnue to push higher with a break out of the the channel? The USD could play a role in this picture. Currently, it is fought back from a piercing low, but is that a true sign of demand or just a short-term bleep before sellers start a new push? Good trading.
EIGHTCAP:XAUUSDLong
by Eightcap
Silver: Thoughts and AnalysisToday's focus: Silver Pattern – Breakout test. Support – 21.90, 22.84 Resistance – 23,45 23.19 Hi, traders; thanks for tuning in for today's update. Today, we are looking at Silver on the daily chart. Looking at Silver, we see that price continues to pull back after breaking out of a triangle-based squeeze pattern. This is fine after a breakout but we want to see 22.84 hold as support for buyers. If it does, we will look for a move to retest resistance, set up a range break, and possibly confirm a new up trend. If sellers break 22.84 support, this could be a worry, and if other factors weigh in, like metals sector selling and or a firmer USD, this could lead to deeper tests to the downside. Do you think buyers can hold and set up a new push higher? Good trading.
EIGHTCAP:XAGUSDLong
by Eightcap