4th of November, 2021 - by PreciousChartist
The following article has been written by PreciousChartist, a trader who has been trading very successfully in various markets for more than 20 years based on chart analysis. The article does not reflect the opinion of torck capital management and is not investment advice.
XAU/USD – Weekly
I am getting more bullish now. The trigger to size up on the position is still the break higher through the $1835 level. If we manage to close above the $1835 I see a good chance that we go straight up to $1920. With a break of that level we would print a higher low (at $1720) and that in my opinion is the sign to go full force long.
XAU/USD - Daily
To support my bullish case, it would be good if the price does not close below the base line (blue line). More bullish momentum should come in if we close above the cloud which comes in at around $1800.
XAU/USD – 4 hours
This time frame looks the least bullish. If we would close below the $1750 my medium term bullish outlook might take a little longer to unfold.
XAG/USD – Weekly
It looks a lot less bullish than Gold but the potential bull flag is still in place (on a line chart). I really would like to see the price push through the base line (blue line) which should give the asset some fresh momentum to the upside.
XAG/USD – Daily
There is a potential reverse shoulder-head-shoulder formation (bullish). The dotted line is the neck line which needs to be broken to the upside with good volume. Target to the upside if the formation plays out is at around $28.
XAG/USD – 4 hours
Really not much to add here. The reverse shoulder-head-shoulder formation looks pretty clean. Let’s see if we get a confirmation.
GDXJ – Weekly
$38 held for the time being. The recovery or correction stopped just shy below the base line (blue line). To get some bullish vibes within this downward channel. In case we take the $38 out on the downside this could turn ugly.
GDXJ – Daily
Not much to add. If the price stays above the base line (blue line) I am relaxed.
GDXJ – 4 hours
No additional comments.