GOLD & SILVER | BIGGER PICTURE
GOLD - The Yellow Metal
The precious metal has broken the all important support of $1680 after more than 2 years. On the bigger picture, we have seen forming a cup & handle pattern and was predicting a breakout above Covid high will bring it to $4000 to $5000.
However, the pattern failed badly and yellow metal formed a double top at $2070 instead.
Trendwise, the metal is trading below the 100EMA meaning the trend is downward.
Current Scenario;
As long as Gold trades below the neckline of double top ($1680); the possible target seems to be at $1350 - $1300.
--------------------------------------
SILVER - Lustrous White Metal
The white shinning metal is also trading below the all important support of $21 which it breaks after more than 2 years time. Silver is also trading below the 100EMA making it in a bearish trend. The downside target remains open at $15 and will remain intact as long as price remains belows $21.
Let us know what do you think of the idea?
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.