Overall Analysis
Gold breaks its sideways momentum and feels straight to support the trendline. More selling if it breaks the 2701 level.
Silver went up, breaking the resistance zone, failed to hold upside rally falls sharply.
Gold Chart Analysis
Gold/USD 15-Minute Chart (Source: TradingView)
On the 5th Nov 2024 trading session, gold continues its movement in a tight zone, finally unable to hold its price at a higher level and breaking down. Currently, the price is taking support from the 2,070 level.
Gold, on a daily time frame, keeps its upside rally intact. On 6th Nov, it made a low of 2,701, which is its exact support on the daily time frame; the price reversed from the bottom, indicating the strength in the trend.
On a 15-minute time frame, the yellow metal price can be seen testing the 2,701 level again and again, and the price is unable to hold on to higher levels. If the 2,701 level breaks, more selling will trigger.
If you are looking for an entry trigger, then there are a few mentioned below.
If the price breaks the 2,701 level and sustains below it, then sellers can plan an entry with a stop loss above the previous swing high and target till 2,678 and 2,673
If the price reverses and gets back into the channel, then one can plan a buy-side position once the price breaks and sustains above the 2,729 level with a stop loss below the previous swing and target to 2,748 and 2,761.
Silver Chart Analysis
Silver/USD 15-Minute Chart (Source: TradingView)
On the 45th Nov 2024 trading session, Silver moved in a sideways direction. Price fails to break both support or resistance on the trading day. Currently, on 6th Nov price was unable to hold on to higher levels and eventually gave a breakdown.
Prices after making an all-time high, kept falling sharply on a daily time frame. If the price closes below the 31.78 mark on a daily basis, then more selling will trigger.
Price is currently at a very crucial level on 15 min time frame, as it gave a breakdown and went towards the 31.448 mark. More selling will trigger if this level breaks.
If you are looking for an entry trigger, then there are a few mentioned below.
If the price breaks the 31.448 level and sustains below it, then sellers can plan an entry with a stop loss above the previous swing high and target 30.960 and 30.388.
If the price reverses again from the 31.448 level, then buy-side entry can be planned with a stop loss below the previous swing low and target till the 31.300 level.
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