Weekly Hot Take - Clutch
20/11-24/11
Welcome friends!
Hello everyone! Welcome to another weekly hot take! This week we will look at how the EMAs came in clutch to save the day and make those first daily cycles within a new weekly cycle.
The progression is very very bullish, but we are not there just yet, let’s have a look at the next resistances to attack!
Precious Metals
XAUUSD
(Monthly)
The monthly EMA came in clutch (a.k.a. right when it needed to). This now allowed the precious metals to form a first daily cycle within a first new aggressive upcycle. We want to be attacking the $2077 level within the next two weeks and preferably even breaking it to the upside.
(Weekly)
The weekly shows us beautifully how the EMAs also caused some support right before the prices where about to attempt a retest of the important $1923. damn.
Next up it will be extremely important for prices to follow through with power as that should be the behaviour of this next wave.
(Daily)
The daily chart demonstrates the 26 days of previous daily cycle and the power of the new one we’re in now. In current daily cycle we have till christmas to make break the ATHs, or maybe we will just test them and then break them going into january 2024.
Afterwards there might be another ICL, where we will test the ATHs from above.
XAGUSD
(Monthly)
Monthly silver shows the same, we recovered the EMAs. This is an extremely important fact as that will now allow us to break $24 in the coming weeks. I guess everyone is now curious whether that break will propel us into $25-$26 dollars or not.
My approach is to take this breakout step by step as most inflows into the sector will only occur above $25-$26 dollar area. As announced on twitter we are also adding both alpha and beta plays as purely one of the two causes fomo and we want to be seated for in case that we have a major move upcoming. Risk wise we keep these EMAs as our support now.
Let’s dive straight into the daily!
(Daily)
Looking at silver we can see that we had extreme upside coming out of the DCL which perfectly tested the unmoved line since last december $21.95 !!!
We are now battling with the bullflag before price will head towards $25-$26 area.
Very exciting stuff in the precious metals market for now!
Let’s stay awake and focus on both the alpha and the beta plays!
I truly believe that once we break the $25-$26 levels that the party will start for real. Right now we have to be aware of fakeouts both up and down.
Thank you!
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Thank you for reading the weekly hot take!
Gold Girl ;)