Gold chart pattern
The following comment was made in the previous post on the daily bar chart pattern of Gold: "If bulls manage to prop gold's price above 1200, they may be able to regroup and mount another rally."
Gold's price had corrected down to 1195 after rallying from 1125 (Dec '16 low) to 1265 (Feb '17 top) - which was an exact 50% Fibonacci retracement of the rally. So, there was a good chance of a recovery by bulls.
After re-testing the 1195 level - and forming a small 'double bottom' reversal pattern in the process - gold's price rallied above its three EMAs into bull territory.
By touching a high of 1260 on Mar 27, gold's price has recovered almost all its losses from the Feb '17 top of 1265. Bulls need to rally past the Feb '17 top soon. Otherwise there is a possibility of forming a 'double top' reversal pattern.
Daily technical indicators are in bullish zones, but not showing much upward momentum. That could lead to some consolidation or a pullback to the 200 day EMA.
On longer term weekly chart (not shown), gold’s price climbed past its 20 week and 50 week EMAs but is facing resistance from its 200 week EMA. The long-term bear market is intact. Weekly technical indicators are looking bullish, and showing upward momentum. Any further rally may face strong resistance from the zone between 1280 and 1300.
Silver chart pattern
The daily bar chart pattern of Silver formed a small 'double bottom' reversal pattern at 16.80, and rallied past its three EMAs into bull territory.
The 'death cross' of the 50 day EMA below the 200 day EMA was prevented - keeping bullish hopes alive.
Silver's price has climbed past 18. A convincing move above 18.50 - where multiple tops were formed in Feb '17 - is required if bulls wish to retain control.
Daily technical indicators are looking bullish, and showing upward momentum. Some more upside is possible. Resistance can be expected from the zone between 18.75 and 19.
On longer term weekly chart (not shown), silver’s price crossed above its 20 week and 50 week EMAs, but closed below its sliding 200 week EMA in a long-term bear market. Weekly technical indicators are looking bullish and showing upward momentum.
The following comment was made in the previous post on the daily bar chart pattern of Gold: "If bulls manage to prop gold's price above 1200, they may be able to regroup and mount another rally."
Gold's price had corrected down to 1195 after rallying from 1125 (Dec '16 low) to 1265 (Feb '17 top) - which was an exact 50% Fibonacci retracement of the rally. So, there was a good chance of a recovery by bulls.
After re-testing the 1195 level - and forming a small 'double bottom' reversal pattern in the process - gold's price rallied above its three EMAs into bull territory.
By touching a high of 1260 on Mar 27, gold's price has recovered almost all its losses from the Feb '17 top of 1265. Bulls need to rally past the Feb '17 top soon. Otherwise there is a possibility of forming a 'double top' reversal pattern.
Daily technical indicators are in bullish zones, but not showing much upward momentum. That could lead to some consolidation or a pullback to the 200 day EMA.
On longer term weekly chart (not shown), gold’s price climbed past its 20 week and 50 week EMAs but is facing resistance from its 200 week EMA. The long-term bear market is intact. Weekly technical indicators are looking bullish, and showing upward momentum. Any further rally may face strong resistance from the zone between 1280 and 1300.
Silver chart pattern
The daily bar chart pattern of Silver formed a small 'double bottom' reversal pattern at 16.80, and rallied past its three EMAs into bull territory.
The 'death cross' of the 50 day EMA below the 200 day EMA was prevented - keeping bullish hopes alive.
Silver's price has climbed past 18. A convincing move above 18.50 - where multiple tops were formed in Feb '17 - is required if bulls wish to retain control.
Daily technical indicators are looking bullish, and showing upward momentum. Some more upside is possible. Resistance can be expected from the zone between 18.75 and 19.
On longer term weekly chart (not shown), silver’s price crossed above its 20 week and 50 week EMAs, but closed below its sliding 200 week EMA in a long-term bear market. Weekly technical indicators are looking bullish and showing upward momentum.
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