Gold has enormous upward momentum at the moment, and that left participants in the weekly Kitco gold survey overwhelmingly expecting prices to keep rising next week due to the combination of chart-based momentum and ongoing worries about the coronavirus outbreak.
The metal soared to a seven-year high on Friday, fueled by the continued spread of the virus around...
Gold or xauusd is moving in a bullish channel on weekly charts.
Friday's top has touched this very line and closed a couple of dollars lower.
Breakouts on weekly channels are not seen very often, a cautious approach is a must at these levels.
I would wait for more SELL signals on other indicators before going short, 4-5 $ above the trendline will be the stop...
1642 is a good support for Gold too, use it as stop for long positions
and if broken, shorts can be initiated for an immediate target of 1631 followed by 1619.
1650 can be used as stop.
1642's rupee equivalent would be 42300-350 level.
Fresh longs only when (and if) 1650 is exceeded decisively.
18.442 lies on a trendline that has supported XAGUSD multiple times, since Feb 17-18.
A break below this level can initiate selling or correction in overbought markets.
Targets on the downside can be, 18.41 - 18.31 - 18.22 - 18.19.
18.56 can be used as S.Loss for short positions.
Momentum is strong sofar, 18.41 or corresponding level can be used as a stop...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (17.87). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. SILVER/U.S. DOLLAR is in a range bound and the resumption of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic...
Silver and gold have been running in positive territory for past one week, it gave a trendline breakout some time back.
Uptrend can be expected as long as Coronavirus worries are impacting markets.
Gold has been in uptrend for some time, It has broken a major trendline some time back.
Its recent high or 1610 USD or 41300 Rs. is likely to be exceeded soon.
One candle stick remaining to complete the flag that is march. After hitting the April high we can expect decline in a same pace. And the April target is $1700 .
