Gold and Silver charts: bull rallies pullback after touching 6 month highs
2 years ago
Gold chart patternNote the following comments from the previous post on the daily bar chart pattern of Gold: "Formation of a 'reversal day' bar (higher high, lower close) with a surge in volumes have put a temporary halt to the rally. Some correction/consolidation can be expected after a hectic rally."Gold's price consolidated sideways within a small 'symmetrical triangle' for two weeks before a downward breakout occurred on Fri. Jan 18th. The 20 day EMA provided support - as it has done since the beginning of Dec '18. However, the support may not hold for long.Daily technical indicators are in bullish zones, but looking bearish and showing downward momentum. MACD has crossed below its signal line and is ready to drop from its overbought zone. RSI and Slow stochastic are falling towards their respective 50% levels.Gold's price may fall to the 'support/resistance zone' between 1260 and 1270 - where some support can be expected. A further fall and a test of support from the 200 day EMA c
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