XAUUSD (Gold) And XAGUSD (Silver) - A Technical Look| FXMAG.COM

Gold XAUUSD seems to be forming a symmetrical triangle like pattern. Break out could be imminent.

If breaking out to the down side XAUUSD could drop as low as around $1,700 probably spiking down to test the support at around $1,668

If XAUUSD breaks out to the upside, which I favour; RSI is indicating bullish sentiment, $1,900 is first resistance. However, following a triangle break out the price could move as much as 161.8% (1.618 Fibonacci projection) of the peak to low difference of the triangle i.e. a price target at around $2,066, which close to 2020 peak.
(Note: All charts are weekly time period)Source: Saxo Group

Gold Miners ETF has formed a falling wedge like pattern. 200 weekly SMA seems to give support at around $28.83. A bullish break out could give way to around $40. Bullish confirmation above $35.Source: Saxo Group

Silver XAGUSD still moving with in a Descending triangle like pattern. Break out needed for new trend. Above $25 for uptrend and below $21.60 for down trendSource: Saxo Group

Kim Cramer Larsson

Kim Cramer Larsson started his career in 1996 as an equities trader focusing on the US and Asian markets with BG Bank, London. In 1997, Kim relocated to BG Bank, Copenhagen (BG Bank was acquired by Danske Bank in 2000) to the position of equities trader and portfolio manager.

Kim began using technical analysis as a trading tool from 1997. In 2005, Kim was promoted to the position of technical analyst in the FX & Fixed Income Research department at Danske Bank. In his current role, Larsson focuses on technical analysis of equities, equity indexes, forex pairs, and more for Saxo Bank. Larsson’s views and analyses can be found on Saxo’s News & Research hub as well as at Saxo’s Academy where he hosts webinars focusing on chart analysis.