Silver is possibly undergoing a fast three-wave correction that has retraced 50% of the previous cycle advance
$17.40-17.50 is potentially a strong support cluster and warrants a look for Long trades
It is been observed that the price action was ranging in a symmetrical triangle for a while. Now, the price action finally breaks out from the triangle, indicating strong selling pressure. The price shall now further move down as measured to the height of triangle. Short after a pullback to previous support of the triangle as marked.
Gold has displayed the tendency to move from one congestion zone to another. Price has been in a congestion zone, a.k.a re-accumulation in Wyckoff terms, for a while now. The next destination seems to be the upper green box starting at $1,530-ish, extending all the way upto $1,804. Let's wait and watch.
Pondering if it is time to increase weightage of gold in...
Head Ans Shoulder Patter
and
Ema 200
Ema 50
Ema 20
Price Above Ema 200-50-20...Support To Upside
Trade Only Close Above Neckline
My Side Target 1327.27
Sl 1306.06....
Remember In Prayer
Copper is a buying opportunity upon 50 to 61.8% fib retracement levels around 2.085 levels with stoploss just below 2.06 for targets of 2.15 / 2.20. This could turn out to be a correction or the start of a new rally.. Price action would give more details.
Happy Trading!!
As per Daily chart, the price action is consolidating in a symmetrical triangle. Showcasing Lower Highs and Higher Lows. Enter at Breakout to gain best out of it.
The gold chart is interestingly poised. There is a nice consolidation highlighted by the turquoise color box. Price has subsequently retested the top of this box and turned around. A move past $1,370 would be a good signal to buy yhe yellow metal.
