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.
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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?
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