Gold and Silver charts: bears still on top
2 years ago
Gold chart patternThe daily bar chart pattern of Gold has re-entered and closed inside the 'Support/Resistance zone' between 1230 & 1240 (refer previous post), and may make an attempt to test resistance from its falling 200 day EMA.Strong trading volumes during recent down days reveal that bears are very much on top. Expect bears to put up a fight to defend the long-term moving average and prevent gold's price from entering bull territory. Daily technical indicators are looking bullish. MACD has crossed above its '0' line to enter bullish zone. RSI is rising above its 50% level. Slow stochastic has entered its overbought zone.Some near-term upside is likely. Gold's price needs to move convincingly above its 200 day EMA and the 1280 level for bulls to regain control of the chart.On longer term weekly chart (not shown), gold’s price closed above its 20 week EMA, but below its 50 week and 200 week EMAs in long-term bear territory. Weekly technical in
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