AnalyseAperçu du marchéMetals Remain Under Pressure As Long XME Index Trading Below 54.00 Level

Metals Remain Under Pressure As Long XME Index Trading Below 54.00 Level

XME SPDR SNP Metals and Mining

a break below 40 level is very bearish for metals, and it is a hint that a potential long bearish trend awaits gold and silver.

A bullish scenario, if the ETF managed to break 54.00 level , it is a short term bullish, however a break above 67.00 is a strong confirmation that all metals including gold, silver, palladium, platinum, and copper will be break new highs.

Technically we can still consider wave i blue as leading that can terminate at 42.00 +/- then wave iii impulsive to challenge 54.00 and 67.00 levels. A break below 40.00 invalidates the study and another count should be studied.

Regards

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TradeItAnyway58
TradeItAnyway58
Majed Mazeh. Technical analyst with over 8 years experience in Forex. Elliottwave and price action expert and CMT candidate.
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