Hello everyone!
Welcome to another weekly hot take! This week (its already tuesday) I will post mainly on twitter and with phone charts as I’ve had my computer broken over the weekend and the new one is yet to be installed. I’m very sorry to not be putting out the regular format of newsletter.
However we will be talking about the charts and mainly the levels that we will need to watch for both metals.
Also this newsletter is open for everyone, so if you don’t want to miss the next full update, make sure to subscribe through the button below.
Precious Metals
XAUUSD
Monthly
We are just about hanging in there with the monthly EMAs so I’m going to outline $1923 as HARD STOP. Below we will very likely retest the recent lows below $1890.
Above we have the resistance at $1956 followed by $1974.
Weekly & daily
Same levels apply, except here we are already breaking back below the EMAs. If we don’t close above them by end of this week, we will have new lows in gold.
XAGUSD
Monthly
Here we are still nicely on the monthly EMAs, this implies that the structure isn’t broken. However we have to take a look at gold aswell, as that has been the main trend decider.
Levels on the upside remain $25.7-$26.11 resistance zone
Levels on the downside are first of all the monthly EMAs and then the $21.95-$21.61 support zone
Weekly & Daily
We are breaking below the weekly EMAs, if we don’t recover this by the end of this week then I will start going into bearish mode here aswell, till new lows hae been made.
Summary
Bearish priceaction, levels on the upside and downside are given
The main indicator for the bearish flip is that we are breaking the important EMAs that we use as our trend indicator. In the past when this broke, it led to big sell-offs. This is why we will be protecting our positions by staying into a defensive cash position. Until more clarity arrives.
I hope I have all technicalities (computer) under control by the end of next week so that the newsletter will be out next Sunday! Thanks for being so patient this week!
Stay safe and remove all leverage in these volatile markets.