GBP/CAD Retested Support at 1.6685/65 on Friday
2023.04.03 08:03
longs can be tried again on a retest of 1.7320/00 (a low for the day just 3 pips above on Friday) & need stops below 1.7290. A buying opportunity at 1.7230/10. Longs need stops below 1.7190.
A break lower meets a buying opportunity at 1.7220-00. Longs need stops below 1.7180.
retested support at 1.6685/65 on Friday but did not bounce. We have a potential double top after holding the December high last week. It also looks like we are completing a short-term head & shoulders pattern.
Holding below 1.6675/85 I see as a sell signal for Monday. Shorts need stops above 1.6710. Targets are 1.6610 & 1.6560 perhaps as far as a buying opportunity at 1.6480/50.
GBPCAD Daily Chart
GBPCAD 1-Hr Chart
on Friday I suggested that Gold is forming a sideways consolidation trend, looking like a bull flag to me. Today’s break below 1864/60 can target a buying opportunity at 1935/31.
Gold Chart
Silver short-term chart
Silver Chart
beat strong resistance at 2340/50 for a buy signal targeting 2400/10. A high for the day only 6 ticks above. We have a 2-year downward sloping trend line at 2420/30 so this is key to direction for today. Shorts need stops above 2450. A break above here is an important longer-term buy signal for silver initially targeting 2510, 2580 & 2610
Shorts at 2420/30 can target first support at 2355/50. A low for the morning is likely & we could bounce back to 2410/20 so scalp these levels as long as they hold. However, a break below 2340 meets a buying opportunity at 2320/10. Longs need stops below 2295. A break lower is a sell signal for this week targeting initially 2255/45.
Silver weekly chart.
Silver Weekly Chart
Video Analysis:
