Detail Price Action Outlook on GOLD & SILVER

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Hello traders:

Let's take a closer look into GOLD and SILVER.

As we have seen some strong bearish moves from market opens this week, let's take a look at it from a technical, price action point of view.

GOLD

From my previous outlook on GOLD:

GOLD One more move down before the big bullish reversal

Price indeed made a push down to the swing lows, which could be forming double bottoms.

What we need to watch out for on the lower time frames to see if there's bullish reversal price action, followed by continuation correction for the buys.

or
If price manages to continue to drop lower than the previous swing lows, then expect the price to continue lower to the bottom of the HTF parallel channel structure, before a big reversal up move.

SILVER

Long Term Outlook on Silver:

From my previous short term outlook on Silver:

Similar developments like GOLD, we see price does push down to the previous swing lows as well.
This is a good area to watch for price development as we could be forming a larger, deeper HTF continuation correction that may be at the bottom of potential reversal area.

Alternatively, if price pushes down lower the previous swing lows, but moving in the corrective phase, then we can still expect the bullish reversal up move once correction completes.