Gold & Silver – Short Term Bounce is Over ?

Gold 4 hour-chart

Gold has been in a short term bounce from 1281  support level . 
AB=CD pattern completed at 1311. 
Price seems to fail at MA(200) on the 4 hour-chart 

There are confluence levels at 1311, which might signal a short term reversal: 
– Moving Average (200) 
– 23.6%  Fibonacci Retracement from 1196 to 1346 
–  AB=CD pattern target 

Also noted that  MACD hidden divergence means that buying weakens as price goes up. 
RSI overbought and it is now leaving overbought area, which can give us a sell signal. 

Stock keeps going higher, Brexit vote could be delayed till June. That means a risk-on sentiment, which is not a good sign for safe haven assets like  gold  

Trade Recommendation: 

Sell limit at 1308-1310 
Stop loss at 1312 
Take profit at 1295 

Silver Daily Chart

Silver has been in a bounce from 15.00  support level .  
A  double top was formed at 16.20  
Daily trend-line was broken. 
MACD and  RSIbearish divergences occurred. 
Price tested neckline of  double top at 15.50 but seems to reject when an  inverted hammer daily candle appeared at that resistance. 

Downtrend may resume with a target at 14.80  support level . 

Trade Recommendation: 

Sell limit at 15.40-15.45 
Stop loss at 15.60 
Take profit at 14.80 



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