GOLD and Silver - Significant top in place!
by Antonis Benis, on Jul 29, 2020 4:10:21 PM
Silver’s upside move had gone parabolic in recent weeks; $Silver:$Gold weekly RSI above 70, daily above 85. When this happens, then the setup is bearish for both metals, especially so for Silver.
Gold has finally made a new all time high in USD, long term chart shows a possible cap and handle pattern, i.e. we may have a multi month consolidation before a true breakout.
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TD sequential 9 sell setup and TD 13 sell countdown completed today, July 29th.
Gann analysis shows textbook resistance at $1962/1975,61 for Gold and $26,15/26,32 for Silver; both reached on July 28th.(see charts 1,2,3)
Cycles analysis for Gold suggests a top around now (see chart 4)
A significant top in both Gold and Silver must already be in place; expect a correction from current levels, support typically at 20 week EMA.