GOLD TECHS: Remains Above Support At The 50-Day EMA
- 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: $4046.2 - High Oct 31
- PRICE: $4006.0 @ 07:24 GMT Nov 7
- SUP 1: $3886.6 - Low Oct 28
- SUP 2: $3875.8 - 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 corrective bear cycle in Gold remains intact for now. The move down since Oct 20 has allowed an overbought trend condition to unwind. Support around the 20-day EMA has been breached, signalling scope for a test of the 50-day EMA, at $3875.8 - a key pivot support. Clearance of this EMA would strengthen a short-term bear theme. Initial resistance is at $4161.4, the Oct 22 high.
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SILVER TECHS: Bull Wave Extends
- RES 4: $49.804 - All-time high Apr 2011 and major resistance
- RES 3: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 2: $49.000 - Round number resistance
- RES 1: $48.939 - Intraday high
- PRICE: $48.674 @ 08:19 BST Oct 8
- SUP 1: $45.056 - 20-day EMA
- SUP 2: $42.106 - 50-day EMA
- SUP 3: $40.404 - Low Sep 4
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish. The metal has traded to a fresh cycle this week, as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are on the $49.00 handle next. Clearance of this level would pave the way for a climb towards $49.444, a 3.236 projection of the Sep 4 - 16 - 17 price swing. Initial firm support to watch lies at $45.056, the 20-day EMA.
USDCAD TECHS: Bullish Wave
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4083 3.0% Upper Bollinger Band
- RES 2: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 1: 1.3982 200-dma
- PRICE: 1.3964 @ 08:15 BST Oct 8
- SUP 1: 1.3889/3839 20- and 50-day EMA values
- 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
USDCAD continues to trade just ahead of its recent highs. A bull cycle remains intact. The breach of 1.3959, the Sep 26 high, reinforces current conditions. The move higher maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4019, a Fibonacci retracement point. On the downside, first key support lies at 1.3834, the 50-day EMA.
