Silver edged lower to 25.53 earlier today but appears to have found some buying below 61.8% retracement of 23.76 to 28.73 at 25.65. Downside momentum also eased as seen in 4 hour MACD. Focus is back on 26.59 minor resistance. Break there will bring stronger rebound back to 55 day EMA (now at 26.69) and above.
Overall, Silver is seen as extending consolidation pattern from 29.84 (made in Aug 2020). A break of 23.76 support cannot be ruled out for the moment. But we’re not expecting a break next support level at 21.88.
Similarly, Gold also recovered after edging lower to 1760.71 earlier today. Downside momentum also diminished as seen in 4 hour MACD. Focus is back on 1803.20 minor resistance. Break there will bring stronger rebound to 55 day EMA (now at 1833.62) and above.
Similar to the view on Silver, Gold is seen as in consolidation from 2074.85 (made in Aug 2020). Even in case of another fall, we’d expect strong support from 1676.65 to bring rebound.
