H4 time frame
Outlook for gold and silver on 4 November 2020
Previous outlook for gold and silver on the four-hour time frame on October 27,2020
Spot Gold
On November 4, 2020, the development of Spot Gold will be determined by a break of the range:
- The 1900.50 resistance level at the 1/2 Median Line on the one-minute time frame
- The support level of 1895.00 at the 1/2 Median Line on the one-minute time frame
A break of 1/2 Median Line located at the resistance level of 1900.00 will push the gold price to the zone of (1910.00 - 1923.00 - 1937.00) considering testing the local high of 1932.77. The price may also reach Shiff Line (1940.00).
A break of the 1/2 Median Line located at the support level of 1895.00 is another variant of the downward movement development. The main targets are the following:
- lower border of the channel 1/2 Median Line (1891.00);
- lower limit of the channel 1/2 Median Line (1880.80);
- initial SSL line (1869.00);
The price may again hit the local low of 1859.57 and reach the warning line LWL 61.8 Minute (1855.00).
Details of Spot Gold movement on November 4, 2020 can be seen in the animated *. gif chart (opens in a separate tab).
Spot Silver
Spot Silver from November 4, 2020 will move depending on the direction of a break of the limits of the equilibrium zone (23.850 - 24.210 - 24.600)
Movement inside this zone is shown in an animated *. gif graph (opens in a separate tab). If there is a break of the upper limit of ISL 61. 8 of the equilibrium zone located near the resistance level of 24.600, the upward movement of Spot Silver can be continued to the following targets:
- Highs of 25.245 - 25.515;
- the final line FSL (25.770);
- the final Shiff Line (26.260).
If the price breaks the lower limit of the ISL38.2 of the equilibrium zone located near the support level of 23.850, Spot Silver may continue dropping to the limits of the channel 1/2 Median Line (23.500 - 23.230 - 22.960) and even reach the initial SSL line (22.760) and then update the local low of 22.540.
The review is prepared without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).
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