4th of October, 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
Very disappointing that we were not able to push through the $1835 resistance. We need to be more patient, I guess. The wide range is $1670 - $1835. And currently we are right in the middle of it. Sit tight on your hands is the best advice I can give you right now.
XAU/USD - Daily
No change on the zic-zac price action. Unfortunately, there is no additional comment or view to what I have said on the weekly chart.
XAU/USD – 4 hours
The mentioned fallback into the $1800 zone has happened and we even dipped into the low $1700 area. Current price action looks promising though. It is the only timeframe where we are above the base line (blue line). Watch the other time frames for that indicator.
XAG/USD – Weekly
On a “line” chart we are still in a valid potential bull flag. But I have to say price action looks weak and the lower leg of the flat might give way over the next few weeks. Then we go back to a very large sideways consolidation.
XAG/USD – Daily
On this time frame it looks even uglier. Potentially, we just texted the break out of the lower leg of the bull flag and could continue with lower price action.
XAG/USD – 4 hours
The only positive sign here is that we are trading above the base line (blue line). But I want to see a push back above the $23 level to turn mildly bullish.
GDXJ – Weekly
Not looking good. The break out on a closing level is confirmed. We dipped back into the first liquidity pool at around $38. If the we move lower the next liquidity pool comes in at around $33.
GDXJ – Daily
And back below the base line… No sign of any reversal so far.
GDXJ – 4 hours
No additional comments. No reversal signs in sight.