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Traders Are Bullish On GOLD & Silver

Authored by TD Markets
10.11.2023
Technical Analysis
0
3 min
Traders Are Bullish On GOLD & Silver

XAUUSD (GOLD)

GOLD is preparing to take off.

GOLD is currently trading within a bullish trend seen on the weekly and the monthly timeframe. The descending structure and previous resistance zone around 1943.00 is broken to the upside. Now, traders anticipate the market to find support in the zone as seen by the current retracement. The 61.8 fib level is aligning with the zone to provide confluence.

As such, traders are bullish and are waiting for rejection and momentum to the upside before looking for trading opportunities.

XAGUSD (Silver)

Silver is forming a bull flag.

Silver recently bounced from the bottom of the descending structure and has rallied +14% to the upside. The bull flag currently forming indicates that the market is expected to continue in the direction of the previous impulse wave and provide bullish continuation trading opportunities. As such, traders are bullish according to this price action and wait for the flag to complete before looking for trading opportunities.

GBPNZD

GBPNZD is about to rally to the upside and is trading within an ascending structure on the 30 minutes timeframe.

At the moment the market is trading above the 2.07000 support zone and is currently forming a bullish continuation pattern. According to this price action traders are bullish and anticipate the market to rally back to the top of the structure. As such, the completion of the pattern will provide trading opportunities.

Final Thoughts On Today’s Analysis

As traders gear up for potential opportunities in GOLD, Silver, and GBPNZD, it's crucial to acknowledge the ever-present risks inherent in financial markets. While the technical analyses provide a strong rationale for the bullish sentiment therefore market dynamics can swiftly change. Prudent risk management and a keen awareness of external factors impacting these assets are paramount. 

In conclusion, the current market conditions present a promising outlook for traders adopting a bullish stance on GOLD, Silver, and GBPNZD. The charts tell a compelling story, and for traders navigating these waters, patience and strategic precision will be key to harnessing the potential rewards in the days ahead. As always, the journey in financial markets requires a delicate balance of analysis, risk management, and adaptability to market shifts. Watch our YouTube channel to learn more about our market analysis. 

Authored by TD Markets
10.11.2023
Technical Analysis
0
3 min
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