Gold and Silver charts: three month long rallies face sharp corrections
2 years ago
Gold chart patternThe daily bar chart pattern of Gold received good support from the middle Bollinger Band (20 day SMA, marked by green dotted line) and rose quickly to touch a high of 1349.80 on Feb 20.By closing above the upper Bollinger Band, the door was left wide open for bears. Gold's price corrected sharply below the lower Bollinger Band and closed below its 50 day EMA after more than three months.Daily technical indicators are showing downward momentum after correcting overbought conditions. MACD is falling below its signal line in bullish zone. RSI has dropped below its 50% level. Slow stochastic has entered its oversold zone, and can trigger a pullback towards the 50 day EMA.After a sharp fall below 96 on Feb 26, the US Dollar index is rising towards 97. That seems to have dampened bullish enthusiasm. The strong rally from the Nov '18 low has ended.On longer term weekly chart (not shown), gold’s price dropped to seek support from its 20 week EMA, and closed above its thr
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