Gold: Tumbling down
Gold formed a deep pullback retracing more than 66% of the previous decline. However, it couldn't extend beyond the key resistance zone of USD1,790-1,800, where it had faced resistance twice in the recent past. From there, gold started falling. The fall is subdividing into lowerdegree waves. Recently, gold retraced 61.8% of the first leg of the fall. From there, it started the next leg on the downside. It has broken a rising trendline. The daily momentum indicator triggered a bearish crossover, whereas the weekly momentum indicator is already in a bearish mode. The reversal can be trailed above the high, ie at $1,754.50. The low point of the fall ($1,673) will be the initial target, whereas the equality target is at $1,635.
Trend for Gold- down, Supports-USD 1685-1650, Resistances-USD 1720-1732, Target- USD1673-1635
Silver: Resumes downtrend
On the way up, silver crossed a medium-term falling trendline (blue). However, it couldn't extend beyond the 38.2% retracement of the previous decline. From there, the white metal started tumbling down. It has formed the first leg on the downside and retraced more than 78.6% of that. From there, silver started a fresh move on the downside. It has broken a short-term rising channel on a closing basis. The daily momentum indicator has given a fresh bearish crossover, whereas the weekly momentum indicator is already in a bearish mode. The reversal would be above the high of $35.40. The targets on the downside will be the low of $30.67 and the equality target, ie 29.80.
Trend for Silver- down, Supports-USD 32.04-31.50, Resistances-USD 33.85-34.40, Target- USD 30.67-29.80.
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