We remain wary of today’s gains on gold and silver
Silver rose over 2% in Thursday’s Asian session, eventually prompting gold to try and catch up. Yet gold’s ‘rally’ was lacklustre in comparison, and with silver pausing near a resistance cluster, we’d prefer to fade fold below $2350 for a move lower.
Silver has stalled around a high-volume node (HVN) and trend resistance. RSI (2) is overbought and prices have risen whilst volumes were lower. RSI (2) is also overbought for gold on this timeframe with lower volumes, and the monthly pivot point and weekly R1 pivot reside around 2350.
Bears could fade into gold below $2350 and target the weekly pivot around $2320. They could also seek shorts on silver around current levels with $30 as an initial target. At which point, bulls could then seek evidence of a swing low around the monthly pivot point or $30 for long swing trade.
Silver has stalled around a high-volume node (HVN) and trend resistance. RSI (2) is overbought and prices have risen whilst volumes were lower. RSI (2) is also overbought for gold on this timeframe with lower volumes, and the monthly pivot point and weekly R1 pivot reside around 2350.
Bears could fade into gold below $2350 and target the weekly pivot around $2320. They could also seek shorts on silver around current levels with $30 as an initial target. At which point, bulls could then seek evidence of a swing low around the monthly pivot point or $30 for long swing trade.
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