Silver's possible 'edge' over Gold (see chart)
Updated
https://www.tradingview.com/x/RvVU5EGZ/
The Gold price will continue to Surge this week imo, mainly on very USD weakness & traders and people from all over the world are coming 'from-out-of-the-wood-work' to speculate on Gold's next move when The-Fed moves on interest rates in Mid-September.
But the Silver price is still about 9.8% underneath it's high-price for 2024. Silver imo opinion has more volatility and price movement than Gold does, which is another reason I prefer to accrue or Trade the Silver Price. Finally, Silver is not as overbought currently on the Stochastics & RSI weekly and monthly timeframes compared to Gold.
It probably does not matter which precious metal you trade or buy, they are all incredibly bullish at the moment, yes particularly Gold & Silver.
The Gold price will continue to Surge this week imo, mainly on very USD weakness & traders and people from all over the world are coming 'from-out-of-the-wood-work' to speculate on Gold's next move when The-Fed moves on interest rates in Mid-September.
But the Silver price is still about 9.8% underneath it's high-price for 2024. Silver imo opinion has more volatility and price movement than Gold does, which is another reason I prefer to accrue or Trade the Silver Price. Finally, Silver is not as overbought currently on the Stochastics & RSI weekly and monthly timeframes compared to Gold.
It probably does not matter which precious metal you trade or buy, they are all incredibly bullish at the moment, yes particularly Gold & Silver.
Note
* Please, do your own research, my commentary is not to be taken as strict financial advice.Trade active
Silver XAGUSD is currently trading up 0.46% today.Trade active
Wow, the Silver price is on fire today, it went well yesterday as well.Trade active
A little bit of topping action in the Gold price just the last little while. Will be interesting to see how it goes through the early part of New York session.
I doubt it will sell off with this weakness in the USD and everyone is running for Gold at the present. Cheers.
* Trading is risky. Don't rely solely on my financial advice.
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As I mentioned earlier, I would only be shorting Gold after a clear pattern below the 50EMA on the 1hour chart. I see far too much upside in gold.
There is a slight sell off in progress.
* Trading is risk. DYOR as well & don't rely solely on my financial advice. Cheers
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Further, I just checked the longterm timeframe Stochastics for Gold & I am getting no serious supply selling pressure as everything is comfortable above 80 and sloping upwards:)Trade active
USDX continues to tank....I would not be surprised to see it visit a dollar even later in the week. This is also good for precious metals.
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I have to be careful with my own trading sometimes because I am a bit of a precious metals bull, but in this current environment with so much demand for Gold, I really can't see it selling off very much. What about next month when the FED moves. Bang Gold goes to the sky IMHO. I am staying long. I will sell my weak currency trades first.
Here are the Silver charts. Lets' hope the double/bottom holds on 2m and we go up again.
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As I write my last on Silver & precious metals bullishness for the next month at least imho, what happens to the gold price, it is roaring back up the charts.
Happy trading.
* Don't rely solely on my financial advice. DYOR.
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I am still locked and loaded Long on Silver & Gold.
I see that the recent sell-off was normal price action from a TOP2 on the 1m,2m & 3m. The lower timeframe chart looks a bit scary bearish but the 1HR, 2HR and 4HR + D, W charts look very Long healthy.
If a mid-time frame chart looks like the one below I get a bit worried.... but these are lower timeframes & the big ones are more important.
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I am seeing a settling of the gold price volatility & a possible buy in gold. I would recommend a very small position in case further selling resumes. I am watching the price on 5m and 15m timeframes and RSI/Stochastics. I would prefer to see 1hr and 4h also in alignment but I see too much strength in gold at the moment. Small lot size in case the selling resumes.
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Seeing a cross up in the oversold indicators.....5m, 15m & hourly...I would like to see the hourly come down a bit more before crossing up... We should see some recovery in price for gold....
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Silver Oversold Indicators: 5m, 15m, 60m, Weekly supporting an increase in price. The daily Stochastic for Silver is ominously bearish unless price recovers somewhat & starts to rally. Gold price seems to be looking a bit stronger than silver.
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I was very bullish in Silver earlier until I saw divergence between the Gold price recently recovering stronger than silver. I saw that there is hidden negative divergence on 2 silver stocks on the important daily stochastics.
I am also short in XAUJPY which is near the neckline of a few Mtops. See chart.
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I am remaining Long in gold XAUUSD
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