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Gold And Silver Could Retest Lows

Published 11/23/2021, 03:31 AM
Updated 07/09/2023, 06:31 AM

Metals are in sharp sell-off as the US dollar turns higher with yields following Biden's decision to renominate Jerome Powell as Federal Reserve chairman. Gold underwent a sell-off through the $1830 level, where broken trendline support suggests that the market is in impulsive decline.

Gold is a trading lover from the upper side of a triangle range, so it appears that wave D) is finished and that market is already in a wave E) pullback that can stop after three wave drop at $1720-$1760 area.

Gold chart technical analysis.

Silver is trading lower on the 4-hour time frame from $25.40 resistance, much more than we thought, so it appears that metal is in a higher degree three-wave drop. Ideally, that will be an A)-B)-C) decline, either a corrective one down to 23.00 support or maybe even as part of the final leg of an ending diagonal pattern that can retest September lows as shown on a daily alternate count.

Silver Elliott Wave analysis chart.

Latest comments

we are still in a corrective pattern from Aug 2020 highs. Non of the lows since, are extreme enough for a reversal. We need to see extreme conpitulation, which in my option we.have not come close enough.
Every time they crash you come back with a bearish article, every time they rise you have a bull case. Stop being a flag!
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