XAU in comparison to gold and silver shows bullish signs.
Gold has had a good little rallye and is taking breath, while silver is just making the rallye.
XAU - representing the mines of both (hedged and unhedged) was more stable and stayed within a symmetrical triangle. Nearly in the middle of this triangle pattern we find the fib retracement line at 61.8%, this line is a swing trend line.
I drew a blue line of a possible movement in the next time.
What shall happen: silver shall stay strong and gold shall not fall back on lower levels.
With RSI rising and MACD signalling strength and momentum the Index should at least rise to the upper limit, perhaps rebounding, falling back to the fib retracement and then crossing the upper limit to new highs.
Is this scenario out of the blue?
With gold and silver in good condition - no! And the USD (here as pair to CHF) has gained force as well.
Gold has had a good little rallye and is taking breath, while silver is just making the rallye.
XAU - representing the mines of both (hedged and unhedged) was more stable and stayed within a symmetrical triangle. Nearly in the middle of this triangle pattern we find the fib retracement line at 61.8%, this line is a swing trend line.
I drew a blue line of a possible movement in the next time.
What shall happen: silver shall stay strong and gold shall not fall back on lower levels.
With RSI rising and MACD signalling strength and momentum the Index should at least rise to the upper limit, perhaps rebounding, falling back to the fib retracement and then crossing the upper limit to new highs.
Is this scenario out of the blue?
With gold and silver in good condition - no! And the USD (here as pair to CHF) has gained force as well.
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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.
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.