XAUXAG While both precious metals could benefit from the uncertainty in the markets, the XAUXAG weekly chart favors a silver outperformance relative to Gold from a technical perspective1) The decline from March 2020 to February 2021 appears to have been impulsive while the rally that followed looks corrective, as evidenced by its slope and the fact that it is bounded by two parallel lines.
2) The advance stopped almost exactly at the upper bound of the channel at 105.72 and not very far from the 61.8% retracement of the previous decline
3) The weekly candle of the past week shows some exhaustion as it reached a new high but failed to hold onto the gains
