Daily Fx & Gold analysis for 07.12.2021
Silver- Drop to 19 (a 3000 pips drop)?
Since August, Silver is trading in a 10-12% range, with a low just above 22 and a high in 24.50 zone.
At the beginning of November, we have a false break above resistance and a quick drop to support afterward.
Usually, false breaks lead to strong moves in the other direction and I don’t expect this time to be different.
In conclusion, in my opinion this support will fall, and XagUsd has a clear road to the next important support at 19 zone (a more than 3000 pips drop)
I will remain extremely bearish Silver as long as the price is under 23.50 and traders should look to sell rallies towards that zone.
Gold- I expect STRONG down moves
Last week Gold failed multiple times to reconquer 1800 zone, and with each failed attempt I become more bearish .
Yesterday was a very quiet day for Gold with the price moving in a very tight 50+ pip range making me wonder if this is the quiet before the storm.
From a technical point of view, as I said, 1800+ is very strong resistance and offer zone and I expect to act as a ceiling
On the other hand, 1765-1770 support is not so strong in my opinion and I expect it to fall this week.
Considering this relatively tight range between 1810 and 1770, a break of support could lead to big moves to the down side and 1720 support remains my target.
However, a 1000 pips drop to 1680 is not out of the question by year’s end.
EurNzd could challenge 1.7 soon (on request)
After a month of accumulation and range trading, EurNzd has broken above 1.63 resistance, accelerated gains, and has passed also above the next important resistance around 1.66-1.6650 zone.
Now the pair took a break, is resting and we can have a new leg up pretty soon.
My next target for this bullish move is 1.7 and, as a buy zone, the old resistance, now support, between 1.66 and 1.6650 is ideal
I will remain strongly bullish as long as the price is above 1.65
EurGbp- New leg up?
After finding a strong base in the recent low, just under 0.84, EurGbp has started to rebound and has passed above 0.85 important figure
Here the pair seems to have found new support and a new leg up could be underway.
Also a trade targeting the recent high can have a good R:R
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