Messing around on the monthly. Long shot but very interesting given the current global dynamics, particularly the noble yet short-sighted aggressive climate policies by the West. Short then long.
At three-year highs...weekly double top...daily rising wedge...4HR H&S... Short on break of 0.715 to 0.7
Silver at a crossroads...still got to breakout the range, rising wedge...staunch defence at 200, direction is trending up. Lots of fundamentals at play.
Being a dollar bull is tiresome...but if $90 puts in a double bottom, hello $93! (orange line) RSI (7-day) took initiative and put in a double bottom already (despite declines). LT, I may get cold feet if we lose $90.
Ample number of landing spots...all below current price levels.
Pullback...sell off...consolidation...call it whatever you want, EU needs a break. The pair has traded in a lower timeframe (see 4hr timeframe) rising wedge since midway through December and is now testing a 1.2250-1.2400 sell zone not seen since April 2018 (see Weekly timeframe). On the fundamental front, more focus is being placed on the global vaccination...
Gold’s returns in 2020 were easily dwarfed by silver’s and looking at the price chart... there is a decent chance this continues in 2021. Silver has broken out of the triangle it traded in for most of the backend of 2020 and whilst there is still some resistance ahead, even greater upside makes silver very attractive.
Gold faces a lot of resistance to the upside to start 2021...but bulls are in control after strong finish to a good 2020 and should have another strong start to the year.
The U.S Dollar is extremely oversold to start 2021 and is due for a bounce...long term, the downtrend bias still remains imho.