Gold Is Rising Again

As I expected, the double bottom that formed on the Gold four-hour time-frame above the support at $1,305 did lead to a move to the upside and the precious metal reached $1,343 after which it formed several spinning tops on the daily time-frame and started moving to the downside again. Range continues, however, and Gold could not even reach the support at $1,310, which coincides with (MA)89 again. Instead it bounced off $1,315, formed another spinning top on the daily time-frame, this time above the support, and started climbing. It’s currently testing the resistance at $1,326 and if it breaks out above it will likely continue rising towards the resistance at $1,343 - $1,345 again.

The USD/JPY Move to the Upside Is Stalling

USD/JPY formed a double bottom above the support 100.08 but it appears that the current move to the upside will stall at least for now, because the pair reached the resistance at 101.75 and formed a very impressive shooting star candlestick on the four-hour time-frame which is a signal for a new move to the downside. That said, the pair is currently also testing the support at 101.30, which coincides with (MA)89 on the same time-frame and whether USD/JPY will continue dropping depends on whether it will break below that support. If it does we will likely see a further drop towards the next support at 100.70 or even towards the 100.08 level where the double bottom is.

Silver Is About to Start Climbing

Silver may have broken below the support at 19.35, which coincides with (MA)89 on the four-hour time-frame, but it appears that its move to the downside is over at least for now, because it found support at 19.00 and formed several candlesticks that are a very telling signal that there is an impending move to the upside, namely an a spinning top candlestick as well as a pair of hammer candlesticks, all of them on the four-hour time-frame. If this signal is valid, then Silver will likely start climbing again and its first target will be 19.35, which from support will have turned into a resistance level. On the other hand, if the move to the downside continues its next target will likely be around 18.75, which is (MA)89 on the daily time-frame.