updated on 09-DEC-2019
After breaking out of its 6 year-long basing pattern, gold went up in almost a straight line. Although the current consolidation was much needed to cool off the overbought levels in the RSI, the price is pulling back in a very heavy manner.
The base breakout area ($1365) remains a major support.
Silver is still kept below the $18.60 resistance zone. If/when Silver is able to close above this area, the various Fibonacci extension levels (targets/resistance levels) are laid out in case an explosive upside move, similar to 2010-2011, would occur. Resistance: $17.37, $18.60 (major)
Resistance: $59.75, $63.85
Support: $54.55, $51
Support: $2.45, $2.24