Looking at the Weekly Chart on Gold ( XAUUSD ), We can see that we have continuously painted Lower Highs and Lower Lows on the Weekly Chart.
We do have a Pattern on the but that would be a counter trend trade. My point is, be careful with these metals right now because the charts are saying long term downtrend as of right now.. There is nothing that says Long term buy right now. I will be waiting for a break of the most recent highs to enter any longs. Anything can happen from day to day so we need to be flexible and trade our plan.
Price is currently trading under the 200 , 100 , and 50
Look at the size of the Green Candles Relative to the size of the Red Candles on the (especially with Silver ) and you will notice that the big money is held within the Red Candles. I see Big Money shorting Silver and Gold and little guys buying it. there is nothin wrong with being a buyer if that is your strategy and it consists of countertrend trades, I am here to warn the people that may not know. I see so many persuasive videos on the internet and know that there are a lot of people making investment decisions based off of these videos/ articles. The problem is that in these videos, they don't mention that there is a chance your investment (Hedge) can lose money. they also don't mention that this is not a trade and could take years to perform.
I own Gold and Silver myself and trade these markets quite frequently. I could be wrong and we could get a massive boom to the upside but personally I am . We may see a Daily bounce but the Weekly Chart points down and I will not be going long until that changes. The Charts will tell you when it is time to buy long term, so long as you are interpreting them correctly. Take Care everyone, good luck trading!!
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