Gold stopped at resistance today from late February. The next 24 hours will make or break gold. A bounce back up could lead to another run towards 1300. Further downsides could lead to a sharp decline towards the 1240s.
If you bought when CCI crossed above -100, it might be a good idea to start selling part of your holding once trendline is reached incase it does not cross above. Sell at 1.3420
Further upside is possible for gold according to trendlines and resistance levels, but be careful. Overbought levels have been reached on RSI. Also CCI has had trouble breaking above 250 in the past. Wait to see what happens on Monday.
USDCAD could be a buying opportunity soon. RSI is below 50 and CCI dropped below -200 for the first time in a year. Watch for a CCI break above -100. Strong resistance at 1.321, so if this holds then there should be some solid upsides.
Although gold has had a solid break above resistance, silver has not. CCI is back over 100 and has established a month long uptrend. Solid CCI resistance at 156. RSI is nearing overbought levels at 64. USD had a hard fall this week, but further USD downsides could be ahead since it closed below resistance.
Silver looks like it will close below the 14 day moving average(not shown on chart). It failed its attempt to break above the 18.42 resistance level and long term trend line. RSI above 50 so the recent downturn does not look like a buying opportunity. CCI recently crossed below 100, indicating a bearish outlook in the short to medium term. Next support level is at 17.08.
