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(www.investorideas.com
Newswire) The U.S. markets are closed today for Martin Luther King Jr. Day, but gold and silver clearly didn’t get the memo.
While Wall Street is taking a day off, both metals pushed to fresh
highs during the Asian session, sending a clear message: momentum in
precious metals remains very much alive, even in thinner holiday
liquidity. That alone deserves a closer look.
Gold (GC.F) →
Gold analysis is reserved for Premium
today.
Silver (SI.F)
Let’s start once again with
Thursday’s quote:
“(…) the post-gap selloff was sharper and pushed the
price back to the previously broken upper border of the purple
rising channel.
Bulls defended that support line, which is quite similar to
behavior that we saw during December sessions (especially when we
take into account the fact that it intersects the orange
consolidation based on today’s first candle).
Therefore, as long as the price stays within today’s very
short-term consolidation, the immediate technical picture
doesn’t change much
(…) Bottom line… just like in the case of gold -
today’s close in silver matters more than the intraday noise.
It could easily set the tone not only for tomorrow, but for the
start of next week as well. (…)”
From today’s point of view, we see that
silver followed the script.
Just like gold, bears failed to close Thursday and Friday below the
key support levels we highlighted, which led straight into the
execution of last Monday’s scenario (once again, congrats to those who were positioned early):
“(…)bulls didn’t just deliver the minimum upside scenario, but they pushed price to fresh highs, breaking out of the
multi-day orange consolidation visible on the daily chart.
That breakout shifts silver into a momentum expansion phase,
opening the door to higher upside targets. Where?
Key resistance zones Ahead (…)
(…) At this point, it is also worth noting that if bulls
manage to close a daily candle above the orange daily consolidation,
the path toward 9400 (…) will likely be open.
(…)”
What now?
Today’s Asian session gave silver an extra boost – the green
bullish gap, which quickly turned into a springboard toward 9400.
At the moment, price is hovering between the upper border of last
week’s orange H4 consolidation and 9400, which suggests that a
daily close above this zone would open the door to:
- 9500 is the next big round psychological level
-
potentially 9725, where the size of the upside move would mirror the
orange consolidation marked on the daily chart (at this point, it is
worth noting that this scenario gains even more credibility as long
as indicators stay supportive of the bulls).
Lab Takeaway – What to Do Today?
This is not the moment to chase candles, but it’s also not the
moment to fade strength blindly.
Gold: (…)
Silver: watch today’s close carefully. A daily
close above the last week’s consolidation could unlock the next
leg higher toward 9500+.
Most importantly: let the price confirm. Let the
levels do the talking.
The trend is still up on short-, medium-, and long-term timeframes,
and until we see a clear invalidation of recent breakouts, the path of
least resistance remains higher.
Stay patient. Stay level, focused. And don’t forget – even on a
U.S. holiday, the market never truly sleeps.
Anna
P.S. For those celebrating today… I wish
you all a meaningful day, a moment to slow down, and some well-earned
calm away from the noise. May it bring clarity, perspective, and a
fresh start for the week ahead
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