Gold Chart Analysis (Click on image to enlarge)
Gold/USD 15-Minute Chart (Source: )On the 6th Nov 2024 trading session, gold broke the major supporting trendline and made a low of $2,652. Price continued falling, making a new low of $2,643 on 7th Nov and moving in a zone creating volatility. On a daily time frame price was moving in an upward channel where it was moving up while creating swings. Furthermore, as broke the supporting trendline, previous swing lows are still intact; the price will face heavy selling once it breaks the $2,604 level and sustains below it. Currently, the price is moving in a channel with support at $2,648 and resistance at $2,675. Gold recently made a new all-time high and has since reversed from the higher levels. This can be a distribution zone where more profit booking can be seen. There are a few entry triggers:
Silver Chart Analysis (Click on image to enlarge)
Silver/USD 15-Minute Chart (Source: )On the 6th Nov 2024 trading session, Silver broke the major support level and fell sharply around -4.5% and made a 30.816 low. Furthermore, after a sharp fall and high volatility market continued its movement in a sideways direction on 7th Nov. On the daily timeframe, the price can be seen breaking its long-term channel and falling sharply, but previous swings are still intact. More selling will trigger once breaks the 30.250 level and sustains below it, as it will change the uptrend into a downtrend. Currently, the price is moving in a tight zone where 31.2 is acting as resistance and 30.9 as support. After a sharp fall, the price is taking a halt at this level, and there are few entries one can follow to make an entry.
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