More Upside Likely For Gold And Silver
Gregor Horvat | Oct 25, 2021 07:15AM ET
- Precious metals are trading higher.
- Gold could move above 1836.
- Silver could surge as well. h2 Gold Under Bullish Pressure/h2
Gold has been trying to make higher highs and higher lows since the end of September, but the structure is overlapping.
So, since the start of September, the price action can be a triangle in B) with more upside to come after completion. We think the metal could move above 1836.
Silver is recovering in the 4-hour chart, with an extended leg from 22.16 up to 24.83 resistance. This could be wave three, as this one is usually the most decisive leg.
We think that bottom is forming on silver and that more upsides will come after any pullbacks.
On the daily chart, we see a breakout of the wedge pattern. Support lies around 23.50-23.90.
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