Previous analysis… https://analysis.dehuifx.com/2021/07/28/triumphfx-gold-silver-update-july-august-september-2021/
GOLD – XAUUSD – Daily & Weekly Charts
As suggested in our last Gold and Silver chart analysis, price has been moving sideways.
GOLD is currently indecisive and is lacking trend momentum. Price was up-trending on the weekly time-frame but is now looking indecisive. The weekly moving averages are tightening and are moving sideways, signalling market indecision. XAUUSD may start ranging between 1680 and 1910. Price action has formed a lower swing high and a diagonal resistance area, suggesting potential downside.
XAUUSD is also indecisive on the daily time-frame. The daily moving averages confirm the indecision – they are tight and moving sideways. Price is currently ranging between 1716 and 1830.
Trading opportunities could exist around the support and resistance areas of both ranges and if GOLD moves out of either range (break-out trades). Trading opportunities could also exist around the diagonal resistance area and around any of the identified horizontal levels at 1185, 1350, 1460, 1960, 2025 and 2070.
SILVER – XAGUSD – Daily & Weekly Charts
Price has reversed around the range support area, as suggested in our last analysis.
XAGUSD continues to be indecisive and lack trend direction. The weekly time-frame shows a clear range and horizontal channel at 22.30-28.65. The weekly moving averages are tightening and are moving sideways, confirming the market indecision.
SILVER has been very choppy on the daily time-frame. Recently though, price has formed a short series of lower swing highs and lower swing lows – a potential downtrend. The daily moving averages are bearish and steady, suggesting that the downside could continue.
Trading opportunities may exist around the weekly range support and resistance areas and if XAGUSD moves out of the range (break-out). A break to the downside could find support around 18.65 and 14.00. Trading opportunities may also exist around the daily levels at 21.55, 24.75, 28.25 and 29.75.
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