Gold & Silver 38 Pct Retracements
Gold is back retesting that $4670/80 level, representing the 38% fibonacci retracement, covered in that Fibonacci video 3 weeks ago. This time, however, the level, becomes a resistance rather than support. Note how silver is also facing a key 38% retracement level around 84.00. It is common to see silver falling behind gold, or gold leading silver. If more optimism emerges and metals push higher alongside further USD weakness, then silver's path above 80 will imply a decline in the gold/silver ratio. Watch whether gold closes the NY session above $4680/90, in which case silver will need to confirm with a break above 80 in Thursday Asia or Thursday Europe session. For those trading gold, 4720 follows as the immediate resistance, a break oif which paves the way for 4770.
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Read More...The current decline in oil prices has accelerated the decline in USDJPY as Japan is one of the world's biggest oil importers. Some oil charts are showing a potential for a double top. Those who missed the move in USDPY, should tread carefully. The pair broke below the 55 and 100 DMA in a single day to register its biggest percentage decline since December 2022 of more than 2.5% . DXY is down 0.8%, its fastest daily percentage decline since March 19. Shorting USDJPY at this point is risky as it is resting on the trendline support from the April 2025 low. Do not short USDJPY below155.80/80.
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