GOLDSILVER trade ideas
GOLD Short term move with longer term perspective - 28/Oct/2020Hello Traders,
Hope you all are doing good!!
As i explained in my earlier post for GOLD, GOLD traded between 1895-1932 range for around a week.
Finally G:S is broken above the 80 level and also from the month old trend line which moved GOLD further down to 1880 level.
Now after this strong break above of G:S, i expect it to retest the broken level & hence, GOLD might be going to retest 1895 level before moving further downwards.
There is also a probability for GOLD to retest even further till 1903 level, hence, we must watch the price action around 1895 level.
On medium term, i expect price to test the recent lows at 1850 level, and held for quiet a time between 1850 & 1880 levels.
On longer term, if 1850 level broken below, i expect price to test the 1750 & then 1700 levels.
Please follow me and like if you agree or this idea helps you out in your trading plan.
Disclaimer: This is just an idea. Please do your own analysis before opening a position.
Gold/SIlver ratio - revisitedWe have strong daily bullish divergence on the daily chart getting ready to play out. The higher the number, the more silver it takes to buy gold. In a downtrend, Silver would lose more (percentage wise) than Gold. I still expect 134 to get hit at some point (perhaps early next year). This is based on the mammoth head and shoulders formation on the monthly chart (posted below). Crazy? Well, so was 126. These days, this wouldn't shock me one bit.
if 83 holds, we could have a mammoth run again past the old high