Gold And Silver Extend Corrections

Gold Should Resume its Uptrend 3/14
Silver Confirms Bullish Continuation…3/14

Gold (XAU/USD)

- Gold continues to consolidate instead of resuming the uptrend. Today’s sharp bearish price action suggests the decline can extend lower as it tests the 1390 support area.
- The strong price action suggests that the current C wave can push further than wave equality, and push towards 150%, 161.8% projection, which coincides with the 61.8% retracement. Therefore, support can be found in the 1360-1365 area. If a near-term rally from this 1390 support zone, which is 200SMA in the 4H chart, fails to break back above 1405, this bearish outlook should be viable.

Silver (XAG/USD)

- The Silver market continues to consolidate the gains we had since the beginning of February instead of signaling a bullish continuation.
- The correction was minor, until today’s price action showed that the bears are taking over, breaking silver below 35.00.
- The 33.55, 61.8% retracement level in the 4H chart is still acting as support.
- A break below that can push the market down to the 31.50-31.22 support zone (60% retracement).
Will gold and silver continue rallying after the current correction? We would love to hear what you think.

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