The daily bar chart pattern of Gold had touched an intra-day high of 1288 on Mar 11 '16, but formed a 'reversal day' pattern (higher high, lower close) and entered a bearish pattern of 'lower tops and lower bottoms'.
The rising 50 day EMA has provided good support so far - but may not be able to do so for long. However, the zone between 1190-1200 can provide stronger support.
On longer term weekly chart (not shown), gold’s price has dropped below its 200 week EMA after a brief sojourn above it, but is trading above its 20 week and 50 week EMAs. Weekly technical indicators have corrected overbought conditions but remain in bullish zones.
Silver chart pattern
The following comments appeared in the previous post on the daily bar chart pattern of Silver: "...trading action during the past 5 weeks may have formed a bearish 'rising wedge' pattern, from which a downward breakout is likely."
A sharp downward breakout on Mar 23 '16 dropped silver's price to its 200 day EMA. After a brief upward bounce above its three EMAs into bull territory, silver's price has dropped back into bear territory.
The 'golden cross' of the 50 day EMA above the 200 day EMA, which would have technically confirmed a bull market, have been averted by bears.
Daily technical indicators are looking bearish, and showing downward momentum - hinting at a continuation of the correction from the Mar 18 top.
On longer term weekly chart (not shown), silver’s price closed below its three weekly EMA in a long-term bear market. Weekly technical indicators are about to enter bearish zones.