General analysis
- Gold has reached an all-time high and remains at that level. The price forms an ascending triangle, indicating a possible bullish movement.
- Silver fell sharply during the trading session on Wednesday and lower levels may be retested. High volatility and lack of structure make it difficult for traders.
Gold chart analysis
Gold/USD 15-minute chart (Source: TradingView)
During the trading session on October 30, 2024, gold reached a new all-time high of $2,790 and continued to hover around this level.
Currently, the price is forming an ascending triangle pattern and a breakout could trigger significant gold buying.
Traders can consider three conditions for trading gold now that the price has already risen.
- Traders can activate a buy position if the price breaks out of the ascending triangle and closes above the $2,789.855 level, targeting $2,811 on a consecutive basis, with a stop loss set below the previous low.
- If the price returns to the ascending trend line channel, consider entering a buy position with a target of $2,789.855 and a stop loss below the previous low.
- In this scenario, a sell position can be activated if the price falls below $2,770.925, which acts as a neckline for a double top formation. A sell position can be taken if the price closes below this level, with targets of $2,760.885 and $2,747, and a stop loss above the previous high.
Silver Chart Analysis
Silver/USD 15-minute chart (Source: TradingView)
During the trading session on October 30, 2024, silver continued its move towards a downtrend. On a higher time frame, the price appears to be moving in a “peanut” pattern.
If we look at the chart, we can see that the price faced a rejection at the 34,542 level and moved down to test the 33,400 level. The price is forming a pattern of lower highs and lower lows, indicating strength in the downtrend.
If considered an entry, the price currently finds support at the trend line and faces resistance at another trend line. If the price holds support and breaks the resistance trend line, traders can trigger a buy entry with targets of 34.00 and 34.2 and a stop loss below the previous low.
Please note that silver is experiencing high volatility. It is advisable to avoid operations until the price shows more positive behavior.
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