Detail Price Action Outlook on GOLD & SILVER
Updated
Hello traders:
Let's take a closer look into GOLD and SILVER.
As we have seen some strong bearish moves from market opens this week, let's take a look at it from a technical, price action point of view.
GOLD
From my previous outlook on GOLD:
Price indeed made a push down to the swing lows, which could be forming double bottoms.
What we need to watch out for on the lower time frames to see if there's bullish reversal price action, followed by continuation correction for the buys.
or
If price manages to continue to drop lower than the previous swing lows, then expect the price to continue lower to the bottom of the HTF parallel channel structure, before a big reversal up move.
SILVER
Long Term Outlook on Silver:
From my previous short term outlook on Silver:
Similar developments like GOLD, we see price does push down to the previous swing lows as well.
This is a good area to watch for price development as we could be forming a larger, deeper HTF continuation correction that may be at the bottom of potential reversal area.
Alternatively, if price pushes down lower the previous swing lows, but moving in the corrective phase, then we can still expect the bullish reversal up move once correction completes.
Any questions, comments or feedback please let me know. :)
Thank you
Jojo
Note
Looks like LTF bullish price action is happening, and both are pushing up now. Manage to get in on Silver:
GOLD is looking bullish as well:
Note
Got out of Silver for +0.5% profit. Note
08/27/2021 Re-enter on Silver:
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