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Technical Analysis of Gold and Silver

Today I would like to briefly describe the current situation on gold and silver. Gold has already surpassed the local trend while silver is preparing for it. But what does this tell us in the longer term? Let’s cover it in today’s technical analysis.

Gold

The gold was moving in a correction in the past 2 weeks, albeit not a too serious one with very strong support at the level of $ 1783 – 1792. In addition, the movement in the correction began to form under the trend line, so it was only a matter of time before gold would have enough strength to overcome it. That has finally happened this week. As the nearest swing target, I see the level of $ 1867 – 1876. The trend line from the daily chart also intervenes here. As this is a swing trade, this trade can last for several weeks. However, everything is set so that the gold should test the above-mentioned level.

technical analysis of gold Figure 1: Technical analysis of gold

Silver

Silver does not look that promising yet. In addition, it has been under a long-term trend since June 11, 2021. So the price has been in a correction for over a month and the trend line has not yet been surpassed. I see strong support at $ 23.77 – 24.37. The question is whether silver will come to this support before the break of the trend or not. In any case, going long will pay off only in case the price will break through the trend.

Conclusion

Commodities have finally rebounded from their structures. While in gold we overcame the local trend and we can start going upwards, on silver we will have to wait. In any case, both charts are bullish for the coming weeks, and any decline should only be a correction for the trend.

Jakub is a crypto trader and founder of Trader 2.0 project, which helps hundreds of traders from central Europe to understand cryptocurrency trading and its challenges. Jakub not o...

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