Operational scale Minute (time frame h4 )
US Dollar remains on the offensive in the battle for the metals? - Review of options for the movement of Gold & Silver from October 20, 2020.
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Spot Gold
The development of Spot Gold movement from October 20 2020 will be determined by the development and direction of the range breakdown:
- resistance level 1908.00 on the initial line of SSL pitchfork of the Minute Operational Scale
- support level 1900.00 at the lower border of the channel 1/2 Median Line Minute
Breakdown of the lower boundary of the 1/2 Median Line Minute channel - support level 1900.00 - a variant of the development of the downward movement of Spot Gold to the initial SSL Minuette line ( 1885.00 ) and the boundaries of the 1/2 Median Line Minuette channel ( 1875.00 - 1862.00 - 1848.00 ) with the prospect of the price reaching the instrument the control line LTL Minute ( 1841.00 ) and the upper limit of ISL38.2 ( 1817.00 ) of the balance zone of the pitchfork of the Minute Operational Scale.
In case of breakdown of the initial line of the SSL pitchfork of the Minute Operating Scale - resistance level 1908.00. The development of the Spot Gold movement will again begin to occur within the 1/2 Median Line Minute channel ( 1900.00 - 1918.00 - 1937.00 ), taking into account the working out of the local maximum 1932.77 and with the prospect of reaching another local maximum of 1973.00.
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Spot Silver
Starting from October 20, 2020, Spot Silver will also develop its movement depending on the development and direction of the range breakdown:
- resistance level 24.420 on the initial line of SSL pitchfork of the Minute Operational Scale
- support level 24.100 on the starting line of the SSL pitchfork Minute at the lower border of the channel 1/2 Median Line Minute
In case of breakdown of the initial SSL pitchfork line of the Minute Operational Scale - support level 24.100 - the downward movement of Spot Silver may develop towards the following goals :
- control line LTL ( 23.799 ) of the Minuette Operational Scale pitchfork
- local minimum`s 23.525 - 22.823
- Channel 1/2 Median Line ( 22.700 - 22.050 - 21.400 ) of the Minute Operational Scale
Upon breakout of the initial SSL Minuette line - resistance level 24.420 - the development of the Spot Silver movement will continue to the boundaries of the 1/2 Median Line Minuette channel ( 24.370 - 25.000 - 25.310 ) with the possibility of updating the local maximum 25.515 and reaching the lower boundary of ISL38.2 ( 25.900 ) of the Minuette Operational Scale pitchfork balance zone.
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The review is made without taking into account the news background, opening of trading sessions of major financial centers and is not a guide to action (placing "sell" or "buy" orders).
