Macro: It’s all about elections and keeping status quo
Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
Technical Analyst, Saxo Bank
Gold XAUUSD seems to be forming a symmetrical triangle like pattern. Break out could be imminent.
If breaking out to the down side XAUUSD could drop as low as around $1,700 probably spiking down to test the support at around $1,668
If XAUUSD breaks out to the upside, which I favour; RSI is indicating bullish sentiment, $1,900 is first resistance. However, following a triangle break out the price could move as much as 161.8% (1.618 Fibonacci projection) of the peak to low difference of the triangle i.e. a price target at around $2,066, which close to 2020 peak.
(Note: All charts are weekly time period)
Gold Miners ETF has formed a falling wedge like pattern. 200 weekly SMA seems to give support at around $28.83. A bullish break out could give way to around $40. Bullish confirmation above $35.
Silver XAGUSD still moving with in a Descending triangle like pattern. Break out needed for new trend. Above $25 for uptrend and below $21.60 for down trend