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Technical Update - Gold and Silver
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