Analysis: Silver is bound to a bullish ascending channel, showing price rally for the past weeks, and current consolidation phase, this week. Price broke above the 63.20 price level and has been reacting on it today, trying to decide, whether to break below for a sell, or respect the level, and push for buy continuations.
Silver: on D1 if today closes strong bullish by the end of trading activities today, the daily low will form at the support level (63.20), This will confluence with the trend support, confirming 3 confluences and price will continue with Buys tomorrow.
Silver: The daily Demand zone is another valid Confluence to support the bullish bias. the daily candlestick pattern formation will finalize the conclusion on market's decision for the rest of the week.
XAUUSD- Daily Analysis Update Bias: bullish Technical Outlook: Bullish Ascending Channel Analysis- The new week started with buys, with price rallying up to 4680 price level before short retracements starts kicking in. The price level confluences with the upper boundaries of the Bullish channel.
Gold- On 4hrs, A bearish Engulf has formed at the upper boundaries of the channel. This signals a potential pullback phase is about to start after the sustained bullish leg.
Also where price is, is a daily supply zone that formed in May, and after the supply zone, price sold down to 4,507. I'll be expecting same sells down to 4,507 and looking forward to trading it, with entry at 4,660, SL 4,690, and TP first at 4,600
On 15mins, Price has broken out of this 15mins Rising Wedge pattern, and I'll be waiting for the retest of the lower boundaries trendline as a resistance at the 4659 price level- as my entry price, and SL at 4681 price level.
Looking closely there is an fvg at 4661.611 to 4675.105 although the level has not been mitigated, and that gives more chances for a bullish move from the 15min into the FVG before price starts going down
I entered the gold trade after a pullback base on my explanation earlier that gold is yet to fill the fvg above 4661.611 to 4675.105 and because of that price had a chance to go higher to fill the fvg before selling, my target is at the midpoint of the fvg
At this point price is entering the lower level of my fvg point level I will now close my trade and am done for the day, the best trade is just a simple model , and I have just closed at 26k at 4661.899 level which is the lower boundary of the fvg level