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Upside Breakout possible in Gold Silver, Patterns on Weekly chart

By Bhaveek Patel 2 Comments

It has been few months I haven’t written about precious metals, But accidentally saw the charts today. 😀 I found that COMEX gold and silver is ready for breakout from its descending triangle pattern, in this case I am expecting a positive breakout. Look at the weekly charts of silver as I see its ready for a breakout (may be in few weeks) see below chart.

Silver chart analysis

But gold may take some time for giving a breakout in that pattern.  Look at the gold’s weekly chart below:

Gold chart analysis

Trading position in Gold and Silver:

I will prefer to trade long on both of these precious metals, when the breakout happens. However, I will see when the downward sloping resistance line becomes invalid, at this very moment I will initiate long positions. In silver I see breakout earlier as compared to gold. Lets just wait for breakout, once breakout trade is active I will let you know.

Now every trader can become an expert by learning technical analysis online, for complete details call me on +91-9970777789.

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Category: Gold Tags: Gold Trading/ Silver breakout trade/ Weekly Charts

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. Gautam Shukla says

    Can you please let me know from where can i get precious metals chart for long term.

    Reply
    • Bhaveek Patel says

      Sir, for this you need to download metatrader 5 platform. Which is free of cost.

      Reply

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