Gold and Silver have been rising consistently for an entire trading week, ever since the greenback started tumbling.
The bullish sequences appear to be taking forms of impulses; therefore, it can be said that XAU/USD and XAG/USD could be poised for more gains ahead.
Relating to these aspects, a clearer picture has been painted with the recently posted “November and its Intriguing Charts – FX Majors” video.
XAU/USD – 2H Chart
Gold has been labeled in an impulse, with Minuette (i) (black) currently awaiting its last legs towards a possible completion for the current degree.
An Ending Diagonal could occur soon, and a bearish divergence could also join, all this towards a “healthy” retracement.
Minuette (ii) (black) could retrace around 50-61.8% of Minuette (i) (black), as per the Fibonacci relationship for this type of wave. It should also take the form of either a sharp pull-back or a Zig-Zag kind of structure.
Should all details mentioned above unfold as expected, then this could lead towards a powerful bullish swing for Gold, and an impressive journey ahead.
The 1215.00 and 1210.00 area for XAU/USD could be in focus, and as a support would grant more confidence for the bullish sides.
XAG/USD – 2H Chart
Silver synchronized with Gold for the above-mentioned bullish ride. It also shows a five swings sequence in its first impulse, which could lead towards a possible spike ahead.
Minute i (green) would still be left off with a last bullish leg before it could complete, thus paving the way for a retracement as the next likely scenario.
Minute ii (green) should honor the Fibonacci retracements of 50-61.8% of Minute I (green) and should unfold as a sharp pull-back.
The 14.25 and 14.10 zone could reflect a point of interest when it comes to how the bulls would be expected to react.
Many pips ahead!