Gold and Silver have been preforming strongly this year with Silver breaking up through a 6-year bear trend line and Gold up testing its 6-year bear trend line. The US$ has faced a bit of weakness lately and, if this continues, it could prove to be just the right ingredient to help these two to shine! In this post I review the charts of both metals and three ETFs for each.
Gold: Gold is up testing a 6-year bear trend line and this is the region to watch for any make or break activity in coming sessions.
Gold monthly: A rather large Bull Flag? Time will tell.
Gold weekly:
Gold daily:
Gold 4hr:
Gold weekly Cloud: Price action is already above the 4hr and daily Cloud and is close to emerging from the weekly Cloud:
GLD: Gold Bullion ETF: Price action on the Gold ETF is forming up in a triangle with the upper trend line starting to come under pressure so watch for any make or break from this region too. Price action is close to emerging from the weekly Cloud, and this would align with the triangle trend line, so watch for any Cloud breakout with Volume spike as well:
GLD weekly: I would watch the previous S/R level of $150 with any bullish trend line breakout as this is also near the 61.8% fib:
GDX: Gold Miners ETF: Price action on the Gold Miners ETF is also forming up in a triangle with the upper trend line starting to come under pressure so watch for any make or break from this region too. Price action is close to emerging from the weekly Cloud and this would align with the triangle trend line so watch for any Cloud breakout with Volume spike as well:
GDX weekly: I would watch the previous S/R level of $40 with any bullish trend line breakout as this is also near the 50% fib:
NUGT weekly: the triple leveraged Gold miners ETF is above 10 and holding out from the broken triangle pattern but has a while to go before it breaks back above the weekly Cloud:
Silver: Silver has made a bullish breakout above a 6-year bear trend line and is close to emerging from the weekly Ichimoku Cloud so watch for any continuation move here, especially if the US$ weakens.
Silver monthly:
Silver weekly:
Silver daily:
Silver 4hr:
Silver weekly Cloud: Like with Gold, price action on Silver is already above the 4hr and daily Cloud and is close to emerging from the weekly Cloud:
SLV: Silver ETF: Price action on the Silver ETF has just made a triangle breakout. Price action is close to emerging from the weekly Cloud and this would align with the triangle trend line so watch for any Cloud breakout with Volume spike as well:
SIL: Silver Miners ETF: Price action on the Silver Miners ETF is forming up in a triangle so watch for any make or break from this region too. Price action is within the weekly Cloud but a breakout would align with the triangle trend line so watch for any Cloud breakout and Volume spike here too:
AGQ: double bullish ETF: This ETF has made a bullish triangle breakout but watch for any new weekly Cloud breakout with Volume spike:
Source: tradecharting.com