Looking at the Gold chart, over the last few months we've seen sideways action that led to a descending triangle pushing price down through the previous all-time high. Looking closely at the weekly chart, we see hidden bullish divergence and the price has come down to a local support area. Both Gold & Silver are showing signs of a possible reversal, we wait patiently for the market to show its hand.
Note
This one seems to be a slow mover, but we patiently wait for the market to make its eventual move.Note
So far Gold has continued to consolidate in this bullish descending channel and respecting the SR levels nicely. I believe we will see a breakout soon, followed by a strong push to the upside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.