Price has broken above and retested 1.49 which was support numerous times from August onwards this year.
The final 3 days of trading last week saw a Morning Star pattern being printed which can be a reversal at support.
If you agree, look for opportunities to buy which meet your strategy rules. A final target of 1.5160 could be something to consider.
Price action on the daily chart is moving within a bullish channel.
Channel resistance is where price has reversed twice so far and maybe a third time at the end of last weeks trading.
Look for sell setups if price starts to move as predicted.
Buyers have found 1.6570 as an area of price being over valued on multiple occasions.
Look for a change of cycle and a sell setup if you agree with the analysis.
Potential final targets could be the most recent resistance at 1.6370
Over four days, Silver buyers attempted to break and keep price above $32/$32.10 but failed with the fourth day seeing a bearish engulfing candle printing. This was followed by another bearish candle with a lower low and a lower close.
The next daily support lies at $30/$29.70
Look for pullbacks and sell setups if you agree with this analysis
We have seen XAU/USD reject $2720 for a second time, printing a Doji and then strong seller candle at the level.
Next major support lies at $2620 which has been rejected several times over late November and December.
Look for pullbacks and sell setups on your timeframe of choice if you like and agree with this analysis.
Price is back above 1.49 for the first time this month.
Over August to November, price bounced between 1.49 and 1.5160 several times as the market was rangebound.
Will the market now head towards 1.5160 again?
There is a BOC rate statement coming up this week. Rates are expected to be reduced.
A weaker CAD could help with the push higher.
