GOLD TECHS: Corrective Phase Still In Play
- RES 4: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing
- RES 3: $4400.0 - Round number resistance
- RES 2: $4161.4/4381.5 - High Oct 22 / High Oct 20 and bull trigger
- RES 1: $4026.8 - 20-day EMA
- PRICE: $3967.0 @ 07:25 GMT Oct 30
- SUP 1: $3886.6 - Low Oct 28 $3900.0 -
- SUP 2: $3846.3 - 50-day EMA
- SUP 3: $3800.00 Round number support
- SUP 4: $3751.3 - 50.0% retracement of the May 15 - Oct 20 bull leg
A fresh cycle low this week in Gold highlights an extension of the bear cycle that started Oct 20. Note that the trend is overbought and the deeper retracement is allowing this condition to unwind. The 20-day EMA has been breached, signalling scope for a deeper retracement, towards the 50-day EMA, at $3846.3. Key resistance and the bull trigger has been defined at $4381.5, the Oct 20 high. Initial resistance is at $4161.4, the Oct 22 high.
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SILVER TECHS: Bull Cycle Extends
- RES 4: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 3: $49.000 - Round number resistance
- RES 2: $47.857 - 2.618 proj of the Sep 4 - 16 - 17 price swing
- RES 1: $47.251 - 2.382 proj of the Sep 4 - 16 - 17 price swing
- PRICE: $46.666 @ 08:11 BST Sep 30
- SUP 1: $44.601/42.933 - Low Sep 26 / 20-day EMA
- SUP 2: $40.619 - 50-day EMA
- SUP 3: $38.580 - Low Aug 28
- SUP 4: $36.965 - Low Aug 20
Trend signals in Silver remain bullish. The metal traded higher on Monday as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are $47.251 next, a 2.382 projection of the Sep 4 - 16 - 17 price swing. Clearance of this level would pave the way for a climb towards $47.857, the 2.618 projection. Initial firm support to watch lies at $42.933, the 20-day EMA.
USDCAD TECHS: Bull Cycle Remains In Play
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3968 High May 20
- RES 1: 1.3959 High Sep 26
- PRICE: 1.3912 @ 08:07 BST Sep 30
- SUP 1: 1.3885/3810 Low Sep 25 / 50-day EMA
- SUP 2: 1.3727 Low Aug 29 and a bear trigger
- SUP 3: 1.3689 Low Jul 28
- SUP 4: 1.3637 Low Jul 25
A bullish theme in USDCAD remains intact and the pair is holding on to the bulk of its latest gains. Recent gains have resulted in the breach of a key resistance at 1.3925, the May 20 high and bull trigger. The break confirms a resumption of the bull cycle that started Jun 16. This paves the way for a climb towards 1.4019, a Fibonacci retracement point. On the downside, first key support lies at 1.3810, the 50-day EMA.
