Gold - Weekly
Silver - 2 Weeks
Gold and Silver - Could trade sideways for a long term to come
Both gold and silver seems to be locked inside a long term support-line and a long term resistance-line. This tug of war between the bulls and the bears could go on for a lot longer, before the next legs lower towards 680 for gold and 7.00 for silver.
Gold has already corrected 38.2% of the decline from 1,290 to 1,046, but seen from a time perspective this correction has been very short, which makes the case for the possible triangle consolidation an even better.
Silver on the other side hasn't even managed to correct to the 23.6% corrective target for the decline from 49.80 to 13.64, but a triangle consolidation could be the answer for that. Instead of using up price to correct this decline, silver is using up time.
If these possible scenarios play out as described above, that will make it very hard for the bulls to continue to like gold and silver (to a lessor degree), which will make gold the perfect long term buying opportunity once we get close to 680 and for silver close to 7.00.
If you like the above post and want more like it, then consider joining my service at elliottwavesurfer.com. Click at the link and see, what I have to offer.