Gold and Silver Update

Good day traders! Let's look at Gold and silver.

Gold may be trading within higher degree wave d as part of a triangle and can be unfolding a three-wave drop. We see red sub-wave a) as completed and current wave b) searching for resistance near the Fibonacci ratios of 38.2/61.8. Maybe a new drop lower into wave c) can follow at the end of the day.

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Silver is also looking temporary higher, now into wave c) as part of a three-wave rally. We see possible resistance for wave c) around the former swing high of b) at 17.200 level.

Silver, 1H

silver, intra

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