XAU/USD & XAG/USD - Gold & Silver Traders Thread

#GOLD / Daily & H4

On the daily time frame, XAUUSD price action broke below the lower part of the 1989.70/1901.50 channel, seen on the monthly time frame several, but failed a follow-through and bulls pushed back the bearish charge. Presently, price action is sideways just above the area. However, the technical structure favours bears more than bulls. Thus, although, we may still see a northward market operation, a southward turnaround is technically supported.

I may be wrong. Trade safe and prosper.

KP

High of the morning 1930.64 ,lets see where today takes us.

Respect for aged day ,in Japan today.

XAUUSD price action on the daily time frame is in consolidation. The technical structure is bearish, but we may still see a northward move for liquidity grab at, e.g., the 1966.34/1958.50 intra-day supply (magenta), before a southward rotation.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Gold price looks set to revisit $1,890 and $1,858 supports but further downside appears difficult. That said, the XAUUSD's recovery needs validation from a two-month-old descending resistance line of around $1,936-37.

IMO short term bottom late today or tomorrow is possible but likely more much downside ahead, with Dollar staying strong.