Gold and Silver at important trading areas

Home / Gold / Gold and Silver at important trading areas

Both precious metals are trading at very important resistance and my best guess is that this week or the week after would see a definitive move in both the metals.

XAGUSD

As you can see, Silver has been in a triangular movement for the past 42 weeks. Now that the price is trading at the top of the triangle and also, we are at the end of the triangle, I expect prices to move in the coming weeks.

Looking at the smaller time frame, Silver just rejected the 17.05 support area and may move as per the red arrows. Taking trades here are considered high risk as we are trading too near the higher time frame resistance level. If by the end of this week or next week, we have prices closing above 18.00, the buy of the Silver would be much stronger and I would be hunting buys from there on wards.

Gold

Looking at the Gold, it is still very much in a range and like silver, prices are trading very near important resistance. As both metals move in tandem, a break in silver would see gold follow suit and vice versa.

This year is a very important year for Gold and Silver. Recent shifts in the economic fundamentals of money is giving signals that it is time for Gold and Silver to shine this year.
Looking at the smaller time frame, Silver just rejected the 17.05 support area and may move as per the red arrows. Taking trades here are considered high risk as we are trading too near the higher time frame resistance level. If by the end of this week or next week, we have prices closing above 18.00, the buy of the Silver would be much stronger and I would be hunting buys from there on wards.