GOLD (XAU/USD) & SILVER (XAG/USD) – Buy and Sell Levels
XAU/USD & XAG/USD have dropped in value recently but a bounce occurred at crucial levels, on a Bullish Divergence. The rise is unfolding on both precious metals with what appears to be Leading Diagonals.
Of course, when encountering a Leading Diagonal, one would expect a sharp decline before the next wave would occur, therefore, if a drop would occur in a Zig-Zag pattern, then this could pave the way for the trend to possibly continue with a Rally.
As per the previously posted “Fed December Rate Hike – DXY Technicals – Elliott Wave Analysis” article, the USD indeed got trashed and dropped like a rock. In my personal view, the Dollar Index (DXY) is still looking Bearish.
Recently, I was also paying attention to the Mining Vectors, especially the GDX, which is possibly looking Bullish, should break-out of the upper Channel occur. The bounce from the lower Channel trend-line was in my radar, hence the reason why I decided to post the “XAGUSD - 2018 Bullish Outlook” article.
XAU/USD & XAG/USD could possibly overshoot a bit and exceed the upper Leading Diagonal converging lines, typical scenario for this type of Structure.
Comment: Correction complete, more up-side in view:
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Very delicate moments for XAG as USD bulls are right around the corner. Normally, XAG should surprise with another final push towards 17.80 levels. If that will not occur, then the outlook will be turned to Bearish short-medium-term.
Could u please tell me what your latest xagusd outlook?thx
Lionheart-EWA
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@flashex, hi, I see the current overthrow as the subminuette v, last wave within the diagonal, should retrace
flashex
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@Lionheart-EWA, Thank you for your reply.What would be your buy target for xagusd in the first quarter of 2018? Mine 13.50. just trying to understand if it is possible or not. thx again
Lionheart-EWA
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@flashex, Welcome. Anything is possible but to be honest I am hesitant to believe at these times that we will see 13.50 levels. Curious to see if we will have a retracement and if so, also curious to see if we can get a support around 15.90 levels. We could have one more low or not and we go all the way. Will watch and see. All I know is that I am in from the recent low so I prefer not to wait.