Gold chart pattern
The daily bar chart pattern of Gold continued its sideways consolidation between the 'Support zone' (between 1300 and 1310) and the 'Resistance zone' (between 1360 and 1370).
The 200 day EMA, which is inside the 'support zone', provided good downside support and kept bullish hopes alive. However, the sliding 50 day EMA provided resistance to a technical bounce.
Daily technical indicators are giving conflicting signals - which is often the case during periods of consolidation. MACD is facing resistance from its falling signal line in bearish zone. RSI has slipped down after facing resistance from its 50% level. Slow stochastic corrected oversold conditions, triggering a brief technical bounce, and moved above its 50% level into bullish zone.
For the past three weeks, gold's price has traded below its 20 day and 50 day EMAs, but above its 200 day EMA in a bull market. Some more consolidation is possible.
On longer term weekly chart (not shown), gold’s price faced resistance from its 20 week EMA but closed above its 50 week and 200 week EMAs 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 in neutral zone. Slow stochastic is falling towards its oversold zone.
Silver chart pattern
The following remark was made in the previous post on the daily bar chart pattern of Silver: "More sideways consolidation between the 'support zone' and the 'resistance zone' is likely."
After an intra-day fall below, and a close inside, the support zone (between 16.10 and 16.20) on May 1, silver's price embarked on a sharp rally past its 20 day and 50 day EMAs.
On May 11, it briefly crossed above its 200 day EMA into bull territory intra-day but fell short of the resistance zone (between 16.90 and 17).
The sideways consolidation for the past 15 weeks has mostly occurred below the sliding 200 day EMA in bear territory.
Daily technical indicators are looking neutral to bullish. Slow stochastic is rising towards its overbought zone. MACD and RSI are in neutral zones and not showing any upward momentum
On longer term weekly chart (not shown), silver’s price closed above its 20 week EMA but below its 50 week and 200 week EMAs in a long-term bear market. Weekly MACD and Slow stochastic are in bearish zones. RSI is in neutral zone.
The daily bar chart pattern of Gold continued its sideways consolidation between the 'Support zone' (between 1300 and 1310) and the 'Resistance zone' (between 1360 and 1370).
The 200 day EMA, which is inside the 'support zone', provided good downside support and kept bullish hopes alive. However, the sliding 50 day EMA provided resistance to a technical bounce.
Daily technical indicators are giving conflicting signals - which is often the case during periods of consolidation. MACD is facing resistance from its falling signal line in bearish zone. RSI has slipped down after facing resistance from its 50% level. Slow stochastic corrected oversold conditions, triggering a brief technical bounce, and moved above its 50% level into bullish zone.
For the past three weeks, gold's price has traded below its 20 day and 50 day EMAs, but above its 200 day EMA in a bull market. Some more consolidation is possible.
On longer term weekly chart (not shown), gold’s price faced resistance from its 20 week EMA but closed above its 50 week and 200 week EMAs 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 in neutral zone. Slow stochastic is falling towards its oversold zone.
Silver chart pattern
The following remark was made in the previous post on the daily bar chart pattern of Silver: "More sideways consolidation between the 'support zone' and the 'resistance zone' is likely."
After an intra-day fall below, and a close inside, the support zone (between 16.10 and 16.20) on May 1, silver's price embarked on a sharp rally past its 20 day and 50 day EMAs.
On May 11, it briefly crossed above its 200 day EMA into bull territory intra-day but fell short of the resistance zone (between 16.90 and 17).
The sideways consolidation for the past 15 weeks has mostly occurred below the sliding 200 day EMA in bear territory.
Daily technical indicators are looking neutral to bullish. Slow stochastic is rising towards its overbought zone. MACD and RSI are in neutral zones and not showing any upward momentum
On longer term weekly chart (not shown), silver’s price closed above its 20 week EMA but below its 50 week and 200 week EMAs in a long-term bear market. Weekly MACD and Slow stochastic are in bearish zones. RSI is in neutral zone.
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