Falling Resistance, Symmetrical Triangle in Focus
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<h2>Gold, Silver, Trendlines, Symmetrical Triangle – Technical Update:</h2>
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<li><span>Gold prices</span><span> remain tilted lower due to key trendline</span></li>
<li><span>On the other hand, </span><span>Silver</span><span> remains in a neutral state</span></li>
<li><span>What are key levels to watch for XAU and XAG?</span></li>
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<h3>XAU/USD Analysis</h3>
<p>Gold prices appear to be increasingly struggling to break above the key falling trendline from May on the daily chart below. Last week, XAU/USD climbed to the former rising trendline from October after breaking below it, failing to push back above the line. This created a key juncture of resistance that combined both trendlines.</p>
<p>Since then, prices have aimed slightly lower, reinforcing the falling trendline. From here, immediate support is the 38.2% Fibonacci retracement level of 1903.46, followed by the August swing lower at 1884.89. Breaking above the trendline could open the door to a broader reversal, exposing the 23.6% level at 1971.63.</p>
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<p><img decoding="async" loading="lazy" src="https://a.c-dn.net/b/2nHLpe/image1.png" alt="XAU/USD Analysis" data-image-original-width="1292" data-image-original-height="719" width="1292" height="719" class="dfx-lazyload" style="padding-bottom: calc(719 / 1292 * 100%);" /></p>
<p><span>Chart Created in TradingView</span></p>
<h3>XAG/USD Analysis</h3>
<p>Taking a look at silver, the broader technical landscape remains neutral. This is because XAG/USD is consolidating between a rising zone of support from August 2022, and a falling range of resistance from earlier this year. Lately, this has been creating a Symmetrical Triangle chart formation. Then direction of the breakout could be key for the coming trend.</p>
<p>Currently, silver is hovering around the midpoint of the Fibonacci retracement level of 23.02, breaking lower exposes the rising range of support and the 61.8% point at 22.29. On the flip side, immediate resistance is the 38.2% level at 23.75. Just beyond that the falling range of resistance will kick in. With that in mind, the silver outlook remains neutral.</p>
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<span><br />
<span data-stream-type="sentiment" data-market- data-value="–" data-type="long-value-info"><br />
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<span>of clients are </span><span>net long.</span> </span><br />
<span><br />
<span data-stream-type="sentiment" data-market- data-value="–" data-type="short-value-info"><br />
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<span>of clients are </span><span>net short.</span> </span>
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Change in </td>
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Longs </td>
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Shorts </td>
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OI </td>
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<td>Daily</td>
<td>5%</td>
<td>-13%</td>
<td>3%</td>
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<td>Weekly</td>
<td>28%</td>
<td>-45%</td>
<td>13%</td>
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<p><img decoding="async" loading="lazy" src="https://a.c-dn.net/b/3tT7Mz/image2.png" alt="XAG/USD Analysis" data-image-original-width="1292" data-image-original-height="719" width="1292" height="719" class="dfx-lazyload" style="padding-bottom: calc(719 / 1292 * 100%);" /></p>
<p><span>Chart Created in TradingView</span></p>
<p><span>— Written by Daniel Dubrovsky, Strategist for DailyFX.com</span></p>
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<br /><a href="https://www.dailyfx.com/analysis/gold-and-silver-technical-update-falling-resistance-symmetrical-triangle-in-focus-20230912.html">Source link </a></p><p>The post <a href="https://forextraderhub.com/falling-resistance-symmetrical-triangle-in-focus.html">Falling Resistance, Symmetrical Triangle in Focus</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>
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