Technical Overview of the Commodities Gold and Silver

Overview of Gold

1) It is expected, that the price for gold could continue to decline. A potential downside target is the support level at 1,273 & Stalls @ the monthly pivot.

2) As it has formed a Large Bullish High volume Candle, It represents that the aggressive news buying is over and if the Highs are not broken then we may see it to decline again.

3) It’s making a series of Lower Highs and Lower Lows, Representing a declining position.

4) It’s in a formation of Gartley Pattern.

5) The D1 Price and Change in Candle Chart below For May 2019. We can see whenever the price and change in candle are in close proximity with each other they repel, triggering a change in trend.

Overview of Silver

XAGUSD

1) It is expected, that the price for silver could continue to decline.

2) From the past 10 weeks, Silver is declining and making a series of Lower Lows and Higher Lows.

3) Now the Metal made a High Volume Candle.

4) At the Weekly Pivot.

5) Below the Last week Pivot.

6) At the previous and current Value Area High.

7) Test of 20 EMA from Daily 1 Chart.

8) A break below close below candle may trigger a selling bias again.

9) With Strong support @ SUP1 Week 1 = 14.38.

10) With Strong Support @ SUP2 Month 1 =14.36.

Author: Mark Burg