While by nearly all accounts, today’s impulsive breakdown below the uptrend line + 1538 support level on gold following the recent divergent high is bearish, I suspect there is a decent chance this may prove to be a false breakdown/bear trap. /GC (gold futures) daily chart below.
GC daily March 13th
While /GC (gold futures) may certainly continue to fall to the 1490 support, I favor a reversal here off the 1520ish support zone for at least a tradable bounce up to the 1550ish resistance/target & possibly much more.
GC 60m March 13th
GLD (gold ETF) has been selling off impulsively since the recent divergent high & overbought conditions & remains in free-fall for now although I suspect a reversal is very close at hand for those interested in an aggressive, counter-trend “catch-a-falling-knife’ bounce trade.
GLD daily March 13th
Likewise, /SI (silver) is in free fall but does offer an objective, albeit, aggressive long entry here at the 14.65ish support level. Daily chart below.
SI daily March 13th
SLV (silver ETF) has fallen to this potential uptrend line with the key 13ish support just below, thereby offering an objective, albeit somewhat aggressive entry or a starting point to scale into a swing position here down to but not too far below 13.00. Daily chart below.
SLV daily March 13th